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GBP/USD prints fresh 2-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD came under renewed pressure and printed fresh 2-week lows as the greenback advanced following the latest series of US data.

    GBP/USD pierced below the 1.5250 support zone and slid to a low of 1.5241 before finding support and recovering slightly as investors continue to assess US GDP and jobless claims readings. At time of writing, the pair is trading at 1.5260, virtually unchanged on the day.

    US gross domestic product
    grew by 1.5% in the third quarter, according to the first estimate, slightly below the 1.6% of consensus. Separated data showed initial jobless claims rose by 1,000 to 260K in the week ended Oct 23 but below the 265K expected.

    GBP/USD technical levels

    On the downside, a decisive break below 1.5241 (Oct 29 low) would pave the way towards 1.5200 (psychological level/Oct 13 low) and then 1.5137 (Oct 5 low). On the upside, there is a congestion area between 1.5333 and 1.5380 with potential resistances at 1.5333 (200-day SMA), 1.5346 (Oct 28 high), 1.5365 (50-day SMA) and 1.5380 (Oct 26 high).
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