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GBP/USD is attempting a rise after two-day decline

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair is trading moderately higher around 1.5050 after suffering sharp losses in the previous two sessions.

    Focus on US Treasury yields

    The currency markets are likely to remain focused on the Treasury yields, which drove the USD higher across the board in the NY session yesterday. Meanwhile, the Sterling traders would also keep an eye on the labor and wage pay data.

    BOE’s Shafik was on the wires earlier this week expressing concerns regarding the sustainability of the wage growth and the data today is expected to show a slowdown in wage pay in October.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5087 (61.8% of Apr-Jun rally), above which the pair could rise to 1.5113 (23.6% of 1.5819-1.4895). On the other hand, a break below 1.50 handle would expose 1.4957 (Dec 8 low).
    For more information, read our latest forex news.
     

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