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GBP/USD hovers near 8-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD has continued to oscillate in a range, unable to set short-term direction as markets enter holiday mode in the absence of first-tier data and economic news.

    GBP/USD has traded within 1.4885 and 1.4950 on Friday, still vulnerable near an 8-month low of 1.4864 scored on Thursday. At time of writing, the pair is trading at 1.4910, virtually unchanged on the day, but headed for a weekly loss of around 2%.

    The US dollar strengthened further after the Federal Reserve raised rates this week, for first time since 2006, and dragged Cable to fresh multi-month lows. However, movements in the FX market were moderate as the decision was widely anticipated.

    GBP/USD levels to consider

    If GBP/USD breaks below 1.4864 (8-month low, Dec 18), next supports could be faced at 1.4855 (Apr 21 low) and 1.4810 (Apr 16 low). On the other hand, resistance line up at 1.5000/07 (psychological level/Dec 17 high), 1.5075 (21-day SMA) and 1.5100 (psychological level).
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