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GBP/USD finds support at 1.5040

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD found support at the 1.5040 zone and settled in a slim range just above where it has spent the last hours, unable to pick up momentum either side of the board in the absence of first-tier data.

    GBP/USD extended its pullback from 2-week highs scored last Thursday as the greenback strengthened across the board amid growing prospects the Fed will raise rates next week. But ahead of the Fed key meeting, the Bank of England will also decide on monetary policy on Thursday, although no changes are expected.

    BoE Governor Mark Carney was speaking at the European Parliament ECON Committee, but made no comments on monetary policy.

    GBP/USD levels to watch

    At time of writing, Cable is trading at 1.5059, still down 0.29% on the day. As for technical levels, next supports are seen at 1.5044 (Dec 7 low), 1.5000 (psychological level) and not much until 1.4894 (Dec 2 low). On the upside, resistances are seen at 1.5114 (Dec 7 high), 1.5158 (Dec 3 high) and then 1.5238 (50-day SMA).
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