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GBP/USD keeps falling, 1.53 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The pound keeps losing ground vs. the dollar during the NA session on Friday, with GBP/USD now hovering over the 1.5310 area.

    GBP/USD correcting from 1.5380

    Spot continues to extend the rejection from today’s peaks around 1.5380, against the backdrop of renewed buying interest in the US dollar. In addition, poor figures from UK’s trade balance during August could have resulted the perfect excuse for traders to cash up part of the recent strong gains.

    Anyway, the pair has managed to leave behind the dovish tone from the BoE at its meeting yesterday and is now snapping a 2-week negative streak after bouncing off the key support around 1.5100 the figure last week.

    GBP/USD important levels

    As of writing the pair is losing 0.16% at 1.5321 and a breach of 1.5137 (low Oct.5) would expose 1.5107 (low Oct.1) and then 1.5089 (low May 5). On the other hand, the next resistance lines up at 1.5400 (psychological level) ahead of 1.5443 (Fibo 38.2% of 1.5658-1.5107) and then 1.5508 (100-day sma).
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