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GBP/USD drops below 1.54

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The relentless USD buying finally pushed the GBP/USD pair below 1.54 handle, marking a failure to sustain above 1.5409 (38.2% of Apr-Jun rally) and 1.5414 (23.6% of 1.5107-1.5509).

    Nears another Fib support

    At 1.5385, the cable is within touching distance from 1.5379 (38.2% of 1.5819-1.5107). The better-than-expected UK manufacturing PMI released yesterday and the construction PMI released today failed to keep the Sterling on a positive footing.

    Next event to watch out for is the ECB Draghi’s speech due later today. Meanwhile, the US factory orders may influence the pair if the figure prints substantially higher/lower than the consensus estimates.

    GBP/USD Technical Levels

    The immediate support is seen at 1.5379 (38.2% of 1.5819-1.5107), under which the pair could target 200-DMA at 1.5338. On the higher side, resistance is seen at 1.5409 (38.2% of Apr-Jun rally) and 1.5414 (23.6% of 1.5107-1.5509), above which the spot could test daily high at 1.5445.
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