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GBP/USD: Offered at 5-DMA, tests NY low

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP bulls failed to resist 1.51 handle once again, now pushing GBP/USD to session lows towards Asia closing.

    GBP/USD capped below 5-DMA

    The GBP/USD pair trades -0.06% lower at 1.5093, testing NY session’s lows struck at 1.5091. The US dollar continues to remain bid amid quiet markets while the pound faces renewed selling pressure heading into Europe, as markets expected UK GDP second estimate to disappoint.

    The UK's third-quarter GDP is expected to reveal the economy slowed to 0.5% from 0.7% seen in Q2. The slower pace of growth is expected due to weak trade, which may overshadow solid retail sales growth in the UK.

    Meanwhile, the European markets aren’t expected to provide fresh drivers amid thin trades, except for the UK growth numbers and business investment data.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5107 (5-DMA), above which 1.5133 (Nov 26 High) would be tested. On the flip side, support is seen at 1.5051 (Nov 24 Low) below which it could extend losses to 1.5038 (Nov 9 Low).
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