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GBP/USD keeps falling, tests 1.5350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The sterling is now intensifying its daily decline, sending GBP/USD fresh multi-day lows in the 1.5355/50 band.

    GBP/USD lower on USD-strength

    The strong re-emergence of the buying interest around the greenback is dragging spot lower at the end of the week, collaborating at the same time to extend the correction lower from weekly tops beyond the 1.5500 handle.

    The pound has been initially supported by the risk appetite sentiment and auspicious results from retail sales in the UK economy, although the upbeat momentum run out of vigour north of the 1.5500 mark.

    GBP/USD important levels

    As of writing the pair is retreating 0.26% at 1.5353 with the next support at 1.5335 (200-day sma) followed by 1.5317 (38.2% Fibo of 1.5658-1.5106) and then 1.5176 (6-month uptrend). On the upside, a breakout of 1.5448 (61.8% Fibo of 1.5658-1.5106) would open the door to 1.5495 (100-day sma) and finally 1.5659 (high Sep.18).
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