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GBP/USD: making a minor recovery below the 1.51 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.5073 with a high of 1.5157 and low of 1.5052.

    GBP/USD was lower initially on the back of the evidence that wage growth is slowing according to BoE's Haldane while stating that the balance of risk around UK GDP and inflation have skewed materially to the downside. The pair was supported at 1.5107 after the comments, but has since been chipping away to the downside and scored a fresh low of 1.5052 in the US session. Carney was also hitting the wires today. The GDP for Q3 and PCE were all marginally positive vs expectations and enabled the greenback to continue its assault on sterling.

    There is not a lot left from the UK apart from the Financial Stability Report that is unlikely to be a market event for sterling, while otherwise, durable goods orders are expected from the US and could be a driver that might open up further downside while the data is tipped to be an improvement for the first time since July and supportive of the dollar as we gather further evidence that Dec could be an appropriate time for a Fed hike.

    GBP/USD levels

    Technically, GBP/USD was rejected last week by the 200 day ma at 1.5340 and is back under pressure and Karen Jones, chief analyst explained that they believe that the correction higher has terminated at 1.5335. "Resistance above here intensifies we have the 1.5391 resistance line then the 1.5515 October high." Analysts at UOB Group - "The immediate target is for a move towards the month's low near 1.5025/30".
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