GBP/USD extends Friday’s drop in early Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The European desks offered GBP in early Europe, marking a continuation of Friday’s weakness and leading to a drop in the GBP/USD pair to a low of 1.5140.

    Focus on Fed meeting

    The closed meeting of the Board of Governors of the Federal Reserve System is scheduled today. Markets believe the Fed will move the discount rate today, however, if it does, then that would be a pre-commitment to interest rate hike in December.

    The UK economic calendar is empty today, hence the USD could be bid ahead of the official disclosure of the Fed’s closed meeting later today.

    GBP/USD Technical Levels

    At 1.5150, the immediate support is seen at 1.5087 (61.8% of Apr-Jun rally), followed by a support at 1.5027 (Nov 6 low). On the other hand, resistance is seen at 1.51 and 1.5248 (50% of Apr-Jun rally), above which the pair could rise to 1.5338 (200-DMA).
    For more information, read our latest forex news.

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