GBP/USD finds support at 23.6% Fibo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 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 come to a halt around 1.5113 (23.6% of 1.5819-1.4895).

    Awaits US data

    The pair is hovering around 1.5137 as traders await the weekly jobless claims data in the US. The initial claims are seen unchanged at 269K, while the import prices in November are expected to have dropped 0.7% month-on-month.

    The spot is heading into the US data on a weaker note. The BOE statement and minutes carrier the usual commentary on the low inflation. However, the drop following the BOE decision indicates the markets had positioned for a slightly hawkish commentary.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5159 (Dec 4 high), above which 1.5185 (23.6% of July 14-Apr15 plunge) could offer resistance, which, if taken out shall open doors for 1.5202 (daily high). On the other hand, a break below 1.5113 (23.6% of 1.5819-1.4895) would expose 1.5087 (61.8% of Apr-Jun rally).
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