GBP/USD erases gains, remains above 1.5450

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - GBP/USD bounce to the downside after Wall Street opening bell and printed a fresh daily low at 1.5452. Then rebounded and it was trading at 1.5470, around the same level it closed yesterday.

    The par has been unable to hold to gains. Eerier it rose and traded momentarily above 1.5500 but again, it was rejected from those levels. The pound and the US dollar are losing ground against the Swiss franc and the euro.

    GBP/USD remains sideways near 1.5500

    Cable still holds a bullish tone on a wider perspective but the upside remains capped by the 1.55 handle. Last week and also today it reached levels above 1.5500 but it was rejected. But the corrections from there were limited.

    Today GBP/USD bottomed at 1.5453 and last week corrections from the highs were capped above 1.5420. Since last Wednesday it is moving in a range of less than a hundred pips, on a consolidation mode. A confirmation above 1.5500 could open the doors for more gains while below 1.5400, the correction could gain momentum.
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