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GBP/USD offered near 1.52, awaits UK data, BOE decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the USD recovered in Asia, leading to a drop in the GBP/USD from the high of 1.5196 ahead of the UK trade balance data and BOE rate decision.

    Back below key Fib

    At 1.5175, the pair is trading below 1.5185 (23.6% Of July 2014-April 2015 plunge). Sterling spiked on Wednesday as the markets offered USD amid risk-off in the financial markets.

    The traders await the UK trade balance data, which is expected to show a rise in the deficit in October. The trade deficit with non-EU countries are also expected to rise. Meanwhile, the Bank of England monetary policy committee is expected vote 8-1 in favour of keeping rates unchanged.

    GBP/USD Technical Levels

    The immediate support is seen at 1.5167 (61.8% of 1.5336-1.4895), under which the pair could drop to 1.5115 (50% Of 1.5336-1.4895). On the other side, a rise above 1.5185 (23.6% of July 2014-April 2015 plunge) would open doors for a test of 50-DMA at 1.5236.
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