GBP/USD fell short of 23.6% of retracement

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The technical recovery in the GBP/USD did not even manage to take the pair to 23.6% retracement of the last week’s fall located at 1.5138.

    Consolidates above 1.51

    The spot traded in the sideways manner around 1.5110 in Asia today as investors await fresh cues. The UK economic calendar is empty today, but offers labor and wage data releases tomorrow, which will be followed by BOE’s Carney speech.

    Meanwhile, the US Import price index due today could be largely ignored by the markets. Fed’s Evans, in his speech within a hour, could cheer Friday’s NFP release and talk up the December rate hike bets.

    GBP/USD Technical Levels

    At 1.5110, the immediate resistance is seen at 1.5163 (Sep 4 low), followed by a hurdle at 1.5206 (confluence of hourly 100-MA and 38.2% of last week’s drop). On the lower side, a break below 1.0587 (61.8% of Apr-Jun rally) could see the pair re-test Friday’s low at 1.5025.
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