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GBP/USD hits two-week low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD sell-off regained pace after failing to strengthen on upbeat UK data and fell to a two-week low of 1.4916.

    Fourth consecutive session of losses

    This is the fourth straight day of losses for the GBP/USD pair. Sterling turned lower from the high of 1.5240 (Dec 11 high), which marked a continuation of lower highs formation seen on the daily chart since late August.

    The drop today has been triggered by a hawkish FOMC dot chart released yesterday, something the markets were not prepared for. The immediate focus is now on the US weekly jobless claims data, although the data may go unnoticed the way UK retail sales did.

    GBP/USD Technical Levels

    At 1.4925, the immediate support is seen at 1.4895 (Dec 2 low) – 1.4888 (76.4% of Apr-Jun rally), under which the pair could target 1.4739 (Apr 1 low). On the other hand, the resistance is seen at 1.4957 (Dec 8 low), above which the pair could rise to 1.4994 (Nov 30 low) – 1.50.
    For more information, read our latest forex news.
     

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