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GBP/USD hovers around 1.49 after UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD is struggling to extend gains over and above 1.49 after the data in the UK showed the public sector net borrowing spiked in October.

    Gains capped as UK data disappoints

    The public sector net borrowing in October printed way higher than estimates at GBP 13.557 billion. Consequently, the bid tone on the GBP refuses to gather pace. The pair clocked a high of 1.4908 levels before the data was released.

    Ahead in the day, the sell-off could extend further if the third quarter US GDP and the core personal consumption expenditure figure is revised higher.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4925 (hourly 100-MA), above which the pair could target 1.4950 (Thursday’s high). On the other hand, a break below 1.4888 (76.4% of Apr-Jun rally) would expose 1.4865 (Dec 17 low).
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