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GBP/USD prints session high above 1.49

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair rose to a session high of 1.4910 before falling back to near 1.4890 levels.

    Struggles to sustain above key resistance

    The cable is having a tough time to sustain above the key resistance at 1.4895 (Dec 2 low). A quick rally to 1.4910 ran out of steam pushing the pair back below 1.4895. A similar failure was witnessed in the last two trading sessions as well.

    Currently, the pair is trading near the weekly opening price of 1.4886. Consequently, the probability of a weakly gain/loss is at the coin flip levels.

    GBP/USD Technical Levels

    At 1.4890 levels, the immediate resistance is seen at 1.4910 (daily high), above which the pair could target 1.4956 (Dec 8 low). On the other hand, a failure to sustain above 1.4888 (76.4% of Apr-Jun rally) would expose the daily low of 1.4858 levels.
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