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GBP/USD off highs, back near 1.5210

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After a brief adventure to session peaks near 1.5240, GBP/USD has now returned to the 1.5215/10 band.

    GBP/USD boosted by CPI results

    The sterling has reverted the initial negative tone following better-than-expected inflation figures in the British economy during October, with headline prices advancing at an annual pace of 1.1% from 1.0% anticipated.

    However, the current environment continues to favour the US dollar, which has picked up further pace after auspicious results from October’s CPI and thus prompted the pair to fade part of the earlier advance.

    Next of relevance for GBP will be Thursday’s Retail Sales ahead of Friday’s UK’s Public Sector finances.

    GBP/USD important levels

    The pair is now up 0.01% at 1.5208 and a breakout of 1.5262 (7-month uptrend prev. support now resistance) would expose 1.5316 (61.8% Fibo of 1.5496-1.5023) and finally 1.5343(200-day sma). On the downside, the immediate support lines up at 1.5135 (23.6% Fibo of 1.5496-1.5023) followed by 1.5023 (low Nov.6) and then 1.4853 (low Apr.22).
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