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GBP/USD off lows, weak US data aids recovery

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair is extending recovery off lows, following a release of the weaker-than-expected Chicago Fed National activity index.

    Recovery stalls near 1.5150

    The cable recovered from the low of 1.5125 to 1.5135 and extended recovery to 1.5145 after the Chicago national activity index was reported at -0.04. However, the recovery is stalling near 1.5150 as the traders await US existing home sales figure and preliminary manufacturing PMI report.

    Markets also await the conclusion of the Fed’s closed meeting on the discount rate. At the moment, the pair is trading around 1.5142.

    GBP/USD Technical Levels

    The immediate support is located at 1.5087 (61.8% of Apr-Jun rally), under which the losses could be extended to 1.50 handle. On the other side, resistance is seen at 1.5197 (daily high) and 1.5248 (50% of Apr-Jun rally).
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