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GBP/USD hits fresh lows under 1.4900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD dropped further during the American session and bottomed at 1.4880, where it rebounded. Currently it trades at 1.4894/98, 25 pips below last week closing price.

    Activity in the currency market remains limited on a low volume session. The US dollar is showing mix results while among currencies the pound and the kiwi are the worst performers.

    GBP/USD levels to watch

    The pair continues to hold a bearish tone. It climbed earlier above 1.4930 but it failed to hold and then moved to the downside. The short-term remains capped by 1.4910. If cable manages to rise above 1.4915 (20-hour MA) it could gain momentum to challenge daily highs and 1.4944 (Dec 24 high).

    On the opposite direction, while it holds below 1.4900 the bearish tone is likely to persist. Support levels might lie at 1.4875/80 (daily low), 1.4850 (Dec 24 low) and 1.4830 (Dec 23 European session low).
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