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GBP/USD offered near 1.53, awaits UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD pair ran into offers at 1.5290 and fell back slightly to trade around 1.5278 levels after having suffered sharp losses in the previous session on account of weak inflation and dovish BOE comments.

    Focus on UK wage data

    The investors now await the UK monthly wage data, which is expected to show pay growth accelerated in three months to August. BOE’s Carney has repeatedly stated labor market tightening and pay growth as reasons to tighten policy. However, data off late have shown low inflation and a slowdown in the activity.

    Later in the day, the US advance retail sales report and the Beige book could affect market’s overall demand for the US dollars.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.53 – 1.5319 (200-DMA), above which the spot could test offers at 1.5383 (Sep 9 high). On the other side, support is seen at 1.5248 (50% of Apr-Jun rally), followed by a major support at 1.5163 (Sep 4 low).
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