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GBP/USD plummets to 1.5040 post-data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is now losing ground rapidly vs. the dollar, dragging GBP/USD to test fresh lows in the 1.5040/35 band.

    GBP/USD drops further on PMI

    The pair has seen its downside accelerated after Construction PMI in the UK economy has surprised investors to the downside, dropping to 55.3 for the month of November, vs. 58.2 initially estimated and down from October’s 58.8.

    In the meantime, spot is printing fresh 2-day lows in the 1.5040 area in the wake of the PMI result, reverting two consecutive sessions of gains and down from recent highs near 1.5120.

    GBP/USD important levels

    The pair is now retreating 0.28% at 1.5037 facing the next support at 1.4991 (low Nov.30) followed by 1.4853 (low Apr.21) and then 1.4563 (low Apr.13). On the upside, a breakout of 1.5126 (high Dec.1) would open the door to 1.5164 (50% Fibo of 1.5336-1.4991) and finally 1.5265 (55-day sma).
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