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GBP/USD looks to stabilize near 1.4670

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The softer tone around the sterling remains intact today, with GBP/USD now looking to consolidate in the area of daily lows near 1.4670/60.

    GBP/USD weaker on USD buying, UK data

    The renewed demand for the US dollar keeps the rest of the risk-associated assets on a weak note in spite of the lack of relevant events in the US economy. The pair has accelerated its down move, trading back to levels last seen in April 2015 in the 1.4670 area.

    On the data front, UK’s Construction PMI rose to 57.8 during December, surpassing both prior surveys and November’s reading.

    GBP/USD important levels

    The pair is now retreating 0.32% at 1.4676 and a breach of 1.4632 (low Mar.18) would open the door to 1.4563 (low Apr.13) and then 1.4500 (psychological level). On the flip side, the next up barrier aligns at 1.4947 (high Dec.24) ahead of 1.5000 (psychological level) and finally 1.5089 (55-day sma).
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