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GBP/USD on the rise after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair has taken out the resistance at 1.5167 (61.8% of 1.5336-1.4895) after the release of the mixed batch of US data.

    Eyes 1.52 handle

    The pair is now eyeing 1.52 as investors offer USD amid falling treasury yields. The November US retail sales missed estimates, but clocked a 4-month high. Meanwhile, the producer price index rose more than expected, but lost importance due to the latest drop in oil prices.

    At 1.5174, the pair is poised to end the higher for the second week. Prices clocked a low of 1.4895 last week and bounced off from 1.4957 earlier this week.

    GBP/USD Technical Levels

    Above 1.5167 (61.8% of 1.5336-1.4895) the pair is eyeing 1.52 handle. A break higher could see the pair target a major hurdle at 1.5248 (50% of Apr-Jun rally+38.2% of 1.5819-1.4895). On the other hand, support is seen at 1.5161 (hourly 50-MA), under which the pair could revisit previous day’s low at 1.5113.
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