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GBP/USD drops below 61.8% fib level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair hit a fresh session low below 1.5087 (61.8% of Apr-Jun rally) in early Europe after flirting with hourly 50-MA in Asia.

    Eyes UK GDP

    At 1.5085, the pair now awaits the second estimate of the UK third quarter GDP, which is expected to keep the growth rate unchanged at 0.5%q/q and 2.3%y/y. Earlier this week, the UK Office for Budget Responsibility (OBR) revised its 2016 UK GDP forecast higher; courtesy of which the pair has managed to remain above 1.51 levels on the closing basis.

    The US economic calendar is empty and hence the trading activity may take dip post the UK GDP figure.

    GBP/USD Technical Levels

    The immediate support is seen at 1.5066 (previous day’s low), under which the cable could target 1.5053 (Nov 24 low). A break lower would expose 1.50 handle. On the other hand, a quick recovery above 1.5087 (61.8% of Apr-Jun rally) could be followed by re-test of 1.5120 (23.6% of 1.5336-1.5053).
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