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GBP/USD extends drop to 1.5360

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 (Edinburgh) - The sterling is following south the rest of the riskier assets on Tuesday, relegating GBP/USD to the lower bound of the range near 1.5360.

    GBP/USD weaker pre-BoE

    The buoyant tone around the dollar continues to punish its G10 peers during the first half of the week so far, prompting sellers to finally push spot below the critical support at 1.5400.

    Data wise in the UK, the Construction PMI has matched estimates at 58.8 during the last month, albeit a tad lower than the previous reading. The more relevant Services PMI is due on Wednesday (54.5 exp.) ahead of the BoE MPC meeting and subsequent minutes.

    GBP/USD levels to watch

    At the moment, the pair is retreating 0.26% at 1.5376 and a breach of 1.5357 (55-day sma) would aim for 1.5346 (200-day sma) and then 1.5317 (38.2% Fibo of 1.5659-1.5106). On the upside, the next hurdle lies at 1.5469 (100-day sma) ahead of 1.5491 (downtrend from 1.5820) and finally 1.5528 (76.4% Fibo of 1.5659-1.5106).
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