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GBP/USD: no reversal afoot

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - GBP/USD has recovered in a minor fashion from the recent intraday lows of 1.4804 and lowest point since 15th April this year on the correction from 1.4564 that reached as high as 1.5928 on the 17th June.

    Sterling has since been scrutinised in respect of the BoE policy and has acted as a form of monetary tightening in the economy. Bets have been taken back off the table in respect of a rate hike from the Old Lady in H1 and with the growing divergence between the BoE and the Fed weighing on sterling.

    Analysts at Scotiabank explained that UK mortgage approvals data was about the only release of any significance for the European markets earlier. Approvals fell to 44.9k, against expectations of a rise to 46k in the November month.

    GBP/USD levels

    "Sterling is puƫng in a middling performance overall today—up against the USD and EUR but with little else to note, look for ranges to hold through the holidays. GBP/USD short‐term technicals: (neutral/bullish)—The positive tone developed into as bit more of a lift for the GBP which has traded above 1.49. At best, the gains look consolidative; there is no reversal afoot. Range trading gains towards 1.501.51 area sell."
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