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GBP/USD off lows, regains 1.5200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The British pound recovers losses versus its US counterpart ahead of Europe open, now pushing GBP/USD back above 1.52 handle.

    GBP/USD hovers around 1.52 barrier

    The GBP/USD pair trades -0.09% lower at 1.5202, recovering from fresh session lows struck at 1.5189 in last hours. The cable trims losses and tires another attempt to extend further beyond 1.52 handle, supported by the minor correction seen in the US dollar across the board.

    On the data front, the UK docket remains absolutely dry and therefore, markets will continue to digest the upbeat inflation reports publish from both the UK and US. While the sentiment on the European stocks will also influence further moves on the risk-currency GBP.

    However, the main market moving event for today is likely to be the FOMC minutes, as markets have almost bought in a Dec Fed rate rise.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5229/39 (Nov 16 & 17 High), above which 1.5257/66 (20-DMA/ Nov 13 High) would be tested. On the flip side, support is seen at 1.5179/70 (10-DMA/ 1h 200-SMA) below which it could extend losses to 1.5121 (daily S2).
    For more information, read our latest forex news.

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