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GBP/USD drops below 1.52 to key Fib support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD fell to within touching distance from 1.5087 (61.8% of Apr-Jun rally) after Carney said the BOE may ease rates rather than implement QE in case required.

    Eyes US data

    The second estimate of the US GDP is due for release in 45 minutes. Sterling bulls may be in for a more severe pain in case the Q3 GDP pushes up the December rate hike probability to 80+ levels. The probability currently stands around 73.6%.

    The GDP figure would be followed by the US consumer confidence, regional Fed manufacturing index, and goods trade balance.

    GBP/USD Technical Levels

    A break below 1.0587 (61.8% of Apr-Jun rally) would open doors for a sell-off to 1.5027 (monthly low). On the other hand, the pair could correct to 1.5154 (hourly 50-MA) if it manages to sustain above 1.5087 (61.8% of Apr-Jun rally).
    For more information, read our latest forex news.
     

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