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GBP/USD off lows after weak US housing data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD recovered slightly from the daily low of 1.4827 after the weaker-than-expected US housing data release.

    Trades at seven-month low

    The daily low of 1.4827; was the weakest level since April 16th. The fall witnessed today began after the pair failed to sustain above 1.49 levels. A higher-than-expected rise in the UK public sector net borrowing triggered a drop, which was extended further after the release of the upward revision of the US Q3 core personal consumption expenditure figure.

    However, the existing home sales number crashed 10.5%m/m in November and that helped the pair recovery from the low of 1.4845 levels.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4888 (76.4% of Apr-Jun rally), above which the pair could re-test Monday’s high at 1.4930. On the other hand, a break below 1.48 would expose 1.4739 (April 1 low).
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