GBP/USD pops and drops in US session

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD witnessed a quick fire rally to 1.5145 only to fall back to trade largely unchanged on the day around 1.5115 levels.

    USD in demand

    The USD found some love in the US session, while the slide in the EUR/GBP cross stalled making way for a fall back in the GBP/USD pair to 1.5115 levels. The sharp drop in the US import price index showed by the data released a few minutes ago had no impact on the FX markets.

    Meanwhile, the latest CME Fed funds futures data show a 68% probability of a Dec Fed rate hike as opposed to 72%. However, markets appear convinced the Fed will move rates in December.

    GBP/USD Technical Levels

    At 1.5115, the immediate resistance is seen at 1.5145 (daily high) and 1.5163 (Sep 4 low), followed by a hurdle at 1.5206 (38.2% of last week’s drop). On the lower side, a break below 1.5087 (61.8% of Apr-Jun rally) could see the pair re-test Friday’s low at 1.5025.
    For more information, read our latest forex news.

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