GBP/USD: Offered again at 1.52, awaits US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD again ran into offers at 1.52 ahead of the data in the UK, which could show the weekly jobless claims fell slightly last week.

    Eyes hourly 50-MA

    The pair appears poised to test the hourly 50-MA located at 1.5170 levels on an upbeat weekly jobless claims figure. A major move could be seen later when Fed officials’ comments begin hitting the wires. The policymakers are widely expected to talk up Fed rate hike bets.

    The cable was offered earlier today at 1.5248, following which it fell to a low of 1.5174. The a brief sell-off in the EUR/GBP helped the cable move back to 1.52, where it was offered again.

    GBP/USD Technical Levels

    At 1.5187, the immediate resistance is seen at 1.5207 (38.2% of last week’s drop), above which the pair could rise to 1.5248 (50% of Apr-Jun rally). A break above would expose 1.5315 (50-DMA). On the other side, a break below 1.5163 (Sep 4 low) would open doors for a re-test of 1.5138 (23.6% of last week’s drop).
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