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GBP/USD extends gains above 1.5400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD rose further during the American session and printed a fresh 3-week high at 1.5439 as Greenback remains under pressure in the market.

    A lower-than-expected reading on US September retail sales and on the producer price index pushed the dollar further to the downside and boosted the cable. Earlier the employment report in the United Kingdom showed mix results.

    GBP/USD reverses after yesterday’s slide

    On Tuesday, the pair had the worst day in weeks and dropped back below the 20-day MA but today it bounced sharply to the upside boosted by the economic numbers and by a decline of the US dollar in the market, particularly against European currencies.

    Initially recovered yesterday’s losses and then managed to break the key short-term resistance located below 1.5400. The mentioned area capped the upside during the previous four trading days.

    Momentum favors further gains for the coming sessions as long as GPB/USD holds above 1.5400, that now could become an important support. The next resistance to watch lies at 1.5470/75 (Sep 10 & 14 highs).
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