GBP/USD extends losses to fresh 8-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The pound fell to fresh 8-month lows versus the greenback as the Sterling continues to underperform following disappointing UK data.

    GBP/USD broke below the 1.4860 support zone and slid to its weakest level since April at 1.4826 in recent dealings. Having recovered a few pips, Cable was last trading at 1.4838, still down 0.28% on Tuesday and on track to post its sixth loss out of the last seven trading days.

    On the data front, US existing home sales and Richmond Fed manufacturing index are due during the American session while tomorrow UK will release GDP numbers for Q3, but trading remains pretty much subdued in a shortened trading week ahead of Christmas.

    GBP/USD key levels

    In terms of technical levels, GBP/USD could find next supports at 1.4810 (Apr 16 low) and not much until 1.4700 (Apr 15 low/psychological level). On the other hand, resistances on bounces are seen at the 1.4900/06 area (psychological level/Dec 22 high) and 1.4949 (Dec 18 high).
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