GBP/USD finds support around key Fibo

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The sell-off in the GBP/USD pair appears to have stalled around 1.5113 (23.6% of 1.5819-1.4895) in the early US session.

    GBP clocked four-day low

    Sterling fell to 4-day low of 1.5108 amid sliding oil prices and an uptick in the treasury yields. BOE’s Shafik said she won’t vote for a rate hike since the wage growth is still not convincing, but assured markets that 0.5% rate is not the new normal. Consequently, the pair recovered slightly to 1.5128 levels.

    Ahead in the day, the overall market sentiment and the action in the treasury yields could continue to guide the movement in the GBP/USD pair.

    GBP/USD Technical Levels

    At 1.5128, the immediate support is seen at 1.5113 (23.6% of 1.5819-1.4895), under which the pair could drop to 1.5087 (61.8% of Apr-Jun rally)-1.5063 (38.2% of 1.5336-1.4895). On the other side, resistance is seen at 1.5138 (hourly 100-MA), above which the pair could re-test 1.5167 (61.8% of 1.5336-1.4895).
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