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GBP/USD erases gains, revisits daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - GBP/USD ran through fresh offers near 1.4840 region and turned lower once again during the European hours, now testing daily lows ahead of 1.48 handle.

    GBP/USD awaits US data

    The GBP/USD pair trades flat at 1.4815, flirting with daily lows struck at 1.4812 earlier on the day. The bearish pressures on the GBP remain intact as every attempt to the upside is being sold into weak UK economic outlook and dropping bets of BOE rate hike next year.

    Further, the ongoing slump in the oil prices also exposes further downside risk for the GBP/USD pair, and could drop further to retest eight-month lows reached at 1.4787 in the previous session.

    Markets now await the US housing data, the only one for today’s trading session, to provide fresh momentum on the pair.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4856 (1h 50-SMA), above which 1.4878/86 (5-DMA/1h 200-SMA) would be tested. On the flip side, support is seen at 1.4800 (round number) below which it could extend losses to 1.4787 (Dec 29 Low).
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