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GBP/USD rebounds to 1.5370, session tops

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After dipping to the 1.5280 area post-UK jobs data, GBP/USD has managed to bounce to daily highs in the vicinity of 1.5370.

    GBP/USD stronger on USD-selling

    The greenback continues to lose ground across the board on Thursday, pushing the pair and the rest of the riskier assets to the upper bound of the daily range. Spot has quickly shrugged off poor releases from the UK labour market and remains on track to recover yesterday’s vertical drop to the 1.5200 handle.

    Ahead in the session, US Retail Sales will take centre stage, followed by Producer Prices and the Fed’s Beige Book. Market consensus sees sales expanding 0.2% on a monthly basis during September, matching August’s print.

    GBP/USD important levels

    As of writing the pair is up 0.50% at 1.5364 with the initial hurdle at 1.5401 (55-day sma) ahead of 1.5443 (Fibo 38.2% of 1.5658-1.5107) and finally 1.5483 (downtrend from August peaks). On the other hand, a breakdown of 1.5143 (up trend from ytd low) would expose 1.5107 (low Oct.1) and then 1.5089 (low May 5).
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