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GBP/USD locked-in 20-pips tight range, above 1.49

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Having bottomed just ahead of 1.49 handle in early Asia, the GBP/USD pair extends its struggle to the upside as we progress towards the European open.

    GBP/USD hovers above 5-DMA at 1.4914

    The GBP/USD pair trades almost unchanged at 1.4920, trying another attempt to 1.4935 -daily highs. The cable is seen treading water in a narrow range amid lack of fresh economic news as the UK markets remain closed on account of Boxing Day holiday.

    While any attempt to the upside in GBP/USD is likely to be sold-off as the pound remains pressured on the back of fading BOE rate hike bets in H1 2016 and also on looming Brexit concerns.

    Markets now shift their attention towards a slew of macro updates from the US due tomorrow for fresh incentives on the pair. Tuesday sees a release of US goods trade balance, S&P/CS Composite-20 HPI y/y and CB Consumer Confidence data.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4942 (1h 200-SMA), above which 1.5004 (Dec 17 High/ 20-DMA) would be tested. On the flip side, support is seen at 1.4909 (daily low) below which it could extend losses to 1.4888/83 (1h 100 & 50-SMA).
    For more information, read our latest forex news.

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