GBP/USD prints lows near 1.5030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The downside pressure is growing bigger around the sterling, sending GBP/USD to the area of daily lows near 1.5030.

    GBP/USD lower on data, USD

    The pair has accelerated the daily decline after Q3 GDP figures in the UK economy have failed to ignite some buying interest amongst investors. It is worth mentioning that the economy has expanded 0.5% inter-quarter and 2.3% on a yearly basis, broadly in line with market expectations.

    In addition, increasing demand for the US dollar keeps weighing on the pair and collaborating with the downside.

    GBP/USD important levels

    The pair is now losing 0.39% at 1.5040 facing the next support at 1.5023 (low Nov.6) ahead of the psychological mark at 1.5000 and then 1.4853 (low Apr.21). On the flip side, a breakout of 1.5217 (61.8% Fibo of 1.5023-1.5336) would expose 1.5286 (55-day sma) and finally 1.5336 (high Nov.19).
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