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GBP/USD hits fresh daily high, but remains limited

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD bounced to the upside form 1.5430 and broke above 1.5460 hitting a fresh daily high at 1.5477. The pair then pulled back and it was trading at 1.5461/64, with a gain of 20 pips for the day.

    Despite rising today, price action remains limited. The pair continues to trade sideways in small range since last week. EUR/USD remains between 1.1300 and 1.1400 while GBP/USD is doing the same with the 1.5415 and the 1.5500 area. Both are consolidating, moving sideways in the short term with traders expecting a breakout.

    Tomorrow European Central Bank meeting and Draghi’s press conference could have an impact on the GBP/USD if the euro moves sharply in the market. But before, the retail sales report for September in the Unite Kingdom will be released and could boost or weaken the cable.

    GBP/USD technical levels

    To the upside the immediate resistance lies at 1.5475 (daily high) and above the key 1.5500 zone; a consolidation on top could open the doors for more gains. While in the opposite direction support might lie at 1.5445 (20-hour MA) and 1.5415 (Oct 15 & 21 low).
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