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GBP/USD jumps as Yellen remains mum

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Fed’s Yellen refrained from commenting on the monetary policy in her opening remarks at the Washington conference, thereby leading to a minor spike in the GBP/USD to 1.5230 levels.

    Room for a fresh drop

    The pair could make another turn lower towards the daily lows around 1.5170 in case Yellen does hint strongly at a possible rate hike in December during the day ahead. Meanwhile, other Fed policymakers are still due to speak and plenty of hawkish comments can still hit the wires in the next couple of hours.

    As of now, the pair has taken out 1.5207 (38.2% of last week’s drop) to trade around 1.5230 levels.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5243 (hourly 200-MA) and 1.5248 (50% of Apr-Jun rally), above which the pair could rise 1.5315 (50-DMA). On the other side, a break below 1.5207 (38.25 of last week’s drop) would expose 1.5163 (Sep 4 low), under which the pair could drop to 1.5138 (23.6% of last week’s drop).
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