GBP/USD flirts with 23.6% fib level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair is trading around 1.5120 (23.6% of 1.5336-1.5053) levels in the early European session.

    Sterling snapped 3-day losing streak

    The cable snapped its three-day losing streak on Wednesday largely due to the upward revision of the UK 2016 GDP forecast by the Office for Budget Responsibility. That also helped Sterling advance on weak US personal spending and core PCE figures.

    With no major data due today, the doors are opened for erratic trading amid thin volumes on account of trading holiday in the US.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5161 (38.2% of 1.5336-1.5053), above which the pair could target 1.52 levels. On the other hand, a failure to sustain above 1.5120 (23.6% of 1.5336-1.5053) would open doors for a re-test of 1.5087 (61.8% of Apr-Jun rally).
    For more information, read our latest forex news.

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