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GBP/USD looks to regain 1.5100

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The sterling is trading on a better footing at the beginning of the week, pushing GBP/USD to test the 1.5070 area so far.

    GBP/USD finds support near 1.5020

    Spot is slowly recovering part of the deep sell-off seen last week after a dovish Bank of England first, and a solid US Non-farm Payrolls later, have dragged it to fresh 7-month lows in the 1.5020 region.

    The week will be dominated by expectations of a Fed’s lift-off in December and USD-dynamics. However, key UK’s labour market results and Governor Carney’s speech tomorrow are poised to keep the sterling under scrutiny, at least in the near term.

    GBP/USD levels to watch

    At the moment, the pair is advancing 0.12% at 1.5071 facing the next resistance at 1.5135 (23.6% of 1.5496-1.5023) followed by 1.5227 (7-month uptrend prev support now resistance) and then 1.5324 (55-day sma). On the other hand, a break below 1.5023 (low Nov.6) would aim for 1.4948 (low Jan.23) and finally 1.4563 (2015 low Apr.13).
    For more information, read our latest forex news.

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