GBP/USD off lows, but bulls on a backfoot

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD recovered from the Asian session low of 1.5015, but the bulls remain on a backfoot leaving the pair largely unchanged in the day around 1.5028 levels.

    Eyes UK and US data

    The UK consumer credit, mortgage approvals, and money supply figure is due for release, but is not necessarily a big moves. Ahead in the day, the spot could be influenced by the US Pending home sales and regional manufacturing indices.

    Meanwhile, the cable could also track the action in the EUR/GBP cross, following the release of the preliminary German CPI number.

    GBP/USD Technical Levels

    At 1.5028, the immediate resistance is seen at 1.5053 (Nov 24 low), above which the pair could re-test 1.51 handle. A break above would expose 1.5150 (hourly 200-MA). On the other side, support is seen at 1.50 and 1.4951 (Jan 23 low).
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