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GBP/USD finds support after 150-pip fall

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD fell sharply during the New York session, piercing below several support levels to hit fresh 4-day lows as the greenback strengthened across the board as investors prepare for the Federal Reserve decision.

    Cable made an upside attempt that was capped by 1.5184 and turned lower, losing more than 150 pips through the 10-day SMA and the 1.51 mark toward a low of 1.5032 in recent dealings. Having recovered slightly from session lows, GBP/USD is currently trading at 1.5060, recording a 0.52% loss on the day.

    GBP/USD levels to watch

    In terms of technical levels, next supports could be faced at 1.5003/00 (Dec 9 low/psychological level) and 1.4956 (Dec 8 low) ahead of 1.4894 (2015 low, Dec 2). On the other hand, resistances are seen at 1.5184 (Dec 15 high), 1.5235/38 (50-day SMA/Dec 11 high) and 1.5300 (psychological level) ahead of 1.5319 (200-day SMA).

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