GBP/USD keeps falling… 1.51 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The bearish tone around the sterling is not giving up today, now sending GBP/USD to the area of 1.5130/20 so far.

    GBP/USD weaker post-BoE, Payrolls eyed

    The selling mood in GBP following the dovish tone from the Bank of England on Thursday keeps weighing on investors’ sentiment as the European session is underway, relegating spot to trade at shouting distance from October-September lows in the 1.5105/06 area.

    On the data front, mixed releases from UK’s Industrial/Manufacturing Production and Trade Balance did nothing to curb the bearishness around the pound, while Non-farm Payrolls and the NIESR GDP Estimate are next on tap.

    GBP/USD levels to watch

    At the moment, the pair is down 0.60% at 1.5117 with the immediate support at 1.5106 (monthly low Oct.1) followed by 1.5087 (low May 5) and then 1.5000 (psychological level). On the other hand, a break above 1.5348 (200-day sma) would open the door to 1.5382 (50% Fibo of 1.5659-1.5106) and finally 1.5472 (downtrend from 1.5820).
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