GBP/USD grinding lower towards 1.5150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) -The pound remains in the negative territory at the beginning of the week, sending GBP/USD to test lows in the mid-1.5100s.

    GBP/USD in multi-day lows

    The pair is retreating for the second consecutive session so far, after the US dollar has gathered further traction following comments from Fed officials over the weekend, stressing the likeliness of a Fed’s lift-off in December as long as data accompany.

    In the data space, Chicago Fed National Activity Index, Markit’s Manufacturing PMI and Existing Home Sales are all due across the pond, and ahead of the key Fed’s close meeting during the European evening.

    GBP/USD important levels

    The pair is now losing 0.28% at 1.5152 with the immediate support at 1.5100 (psychological level) ahead of 1.5097 (23.6% Fibo of 1.5023-1.5336) and then 1.5023 (low Nov.6). On the other hand, a break above 1.5305 (55-day sma) would aim for 1.5336 (high Nov.19) and finally 1.5407 (100-day sma).
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