GBP/USD off highs, back to 1.4760

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The British pound is now surrendering part of its initial gains vs. the dollar on Monday, with GBP/USD returning to the 1.4770 neighbourhood.

    GBP/USD a tad weaker after UK data

    Despite the mixed results from the UK docket today, spot remains well bid against a backdrop of a generalized weakness around the US dollar. In fact, after hitting session highs near 1.4780, the pair lost some ground following a weaker-than-expected manufacturing PMI and a lower expansion of the M4 Money Supply during November. On a brighter side, BoE’s Consumer Credit came in at £1.47 billion, Mortgage Approvals at 70.41K and Mortgage Lending at £3.90 billion, all surpassing expectations.

    Next on tap will be US ISM Manufacturing and the manufacturing PMI tracked by Markit during the month of December.

    GBP/USD important levels

    The pair is now advancing 0.26% at 1.4771 with the next up barrier at 1.4947 (high Dec.24) ahead of 1.5000 (psychological level) and finally 1.5102 (55-day sma). On the downside, a breach of 1.4632 (low Mar.18) would open the door to 1.4563 (low Apr.13) and then 1.4500 (psychological level).
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