GBP/USD flat near 1.4530 ahead of European open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is now looking to consolidate last week’s deep sell-off, taking GBP/USD to navigate in multi-year lows in the 1.4530 region.

    GBP/USD focus on UK data, BoE

    The demand for British pound remains subdued at the start of the new year, exerting further pressure on the area of the psychological handle at 1.4500 and leaving the door open for the next target at 1.4229, 2010 low.

    It will be an interesting week for GBP on the data front, as Industrial/Manufacturing Production figures are due tomorrow, seconded by the NIESR GDP Estimate and the usual ‘Super-Thursday’, with the BoE interest rate decision and subsequent minutes.

    GBP/USD important levels

    The pair is now up 0.02% at 1.4530 and a breach of 1.4500 (psychological level) would expose 1.4346 (low Jun.8 2010). And then 1.4229 (2010 low May 20). On the flip side, the next up barrier aligns at 1.4947 (high Dec.24) ahead of 1.5029 (55-day sma) and finally 1.5168 (100-day sma).
    For more information, read our latest forex news.

Share This Page

free forex signals