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GBP/USD off highs, back to 1.5360

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After a bull run to the 1.5380 area, or session peaks, GBP/USD has now returned to the 1.5360/55 band.

    GBP/USD looks to GDP figures

    The pair has given away part of the gains following the spike to the 1.5380 area as the greenback is now attempting to revert part of the initial drop. While the USD-dynamics and the FOMC meeting remain poised to be the major catalysts ahead in the week, tomorrow’s flash GDP figures in the UK economy will also be of relevance for GBP.

    Market consensus expects the UK economy to have expanded at an annual pace of 2.4% and 0.6% inter-quarter, vs. previous prints at 2.4% and 0.7%, respectively. Further UK data will see the less relevant Index of Services, while Durable Goods Orders and Consumer Confidence will take centre stage across the Atlantic.

    GBP/USD important levels

    As of writing the pair is advancing 0.34% at 1.5366 facing the next hurdle at 1.5394 (55-day sma) ahead of 1.5448 (61.8% Fibo of 1.5658-1.5106) and then 1.5492 (100-day sma). On the downside, a breach of 1.5236 (23.6% Fibo of 1.5658-1.5106) would target 1.5198 (low Oct.13) and finally 1.5185 (6-month uptrend).
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