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GBP/USD off lows, but weekly loss confirmed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair has moved off lows to trade around 1.5060, although the pair is still way below its weekly opening rate of 1.5186.

    Focus on UK PMI reports next week

    Amid the star studded line up of data/events – ECB meeting, monthly US non-farm payrolls - next week, Sterling traders would keep an eye on the UK final Nov PMI numbers – manufacturing, services, and construction.

    Off importance are the new finlow of work under services and manufacturing PMI and new export orders index under the manufacturing PMI. Apart from that, the Us ISM figures and a possible action in the EUR/GBP cross ahead of and post the ECB rate decision could heavily influence the cable.

    GBP/USD Technical Levels

    Amid thin volumes, the spot has recovered to near 1.5060 levels from the low of 1.5031. The immediate resistance is located at 1.5087 (61.8% of Apr-Jun rally), above which the gains could be extended to 1.5248 (50% of Apr-Jun rally). On the other hand, support is seen at 1.5053 (Nov 24 low), followed by a support at 1.5027 (Nov 6 low) and 1.50 handle.
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