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GBP/USD finds support at Dec 4 high

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD bounced-off the support at 1.5156 (Dec 4 high), but remains weak on the day ahead of the UK trade deficit data and BOE rate decision.

    Stuck between Fibo levels

    At 1.5172, the pair appears stuck between 1.5167 (38.2% of 1.5336-1.4895) and 1.5185 (23.6% of July 2014-April 2015 plunge). The immediate focus is now on the UK trade balance figure for October, which is expected to show a moderate rise in the deficit. The trade deficit with non-EU countries is also expected to rise.

    The data would be followed by the Bank of England (BOE) rate decision. Across the pond, the weekly jobless claims will be released later today.

    GBP/USD Technical Levels

    The immediate support is seen at 1.5167 (61.8% of 1.5336-1.4895), under which the pair could drop to 1.5115 (50% Of 1.5336-1.4895). On the other side, a rise above 1.5185 (23.6% of July 2014-April 2015 plunge) would open doors for a test of 50-DMA at 1.5236.
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