GBP/USD flirts with 1.51 handle ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair spiked in Asia following a positive closing on Monday 1.5055 and now trades near 1.51 handle ahead of the UK monthly manufacturing PMI data.

    Trades above 23.6% retracement

    The cable sits well above 1.5074, which is the 23.6% retracement of the fall from 1.5336 to 1.4994. The immediate focus is now on the UK PMI data, which is expected to show the manufacturing activity expanded at a slightly slower pace in November.

    Later in the day, the focus would be on the US ISM manufacturing headline figure and the employment sub index.

    GBP/USD Technical Levels

    At 1.5096, the immediate resistance is seen at 1.5124 (38.2% of 1.5336-1.4994), above which the spot could target 1.5164 (Sep 4 low + 50% of 1.5336-1.4994). On the other side, a break below 1.5087 (61.8% of Apr-Jun rally) would expose 1.5545 (hourly 50-MA).
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