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GBP/USD recovers to 1.51, higher lows on charts?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD saw an erratic recovery to 1.5103 levels, before falling back to the hourly 50-MA located at 1.5096 levels.

    Higher lows on intraday chart

    The hourly chart now shows higher lows formation – 1.5053 on 24th Nov, 1.5056 on 25th Nov, and 1.5066 on 26th Nov. The pair surprisingly dipped below 1.5087 (61.8% of Apr-Jun rally) in early Europe, but the losses were capped around 1.5066.

    The pair may not see much action in the US session on account of a trading holiday. The investors now look towards the UK Q3 GDP number due tomorrow.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5120 (23.6% of 1.5336-1.5053), above which the pair could target 1.5163 (Sep 4 low). On the other hand, a failure to sustain above the hourly 50-MA at 1.5096 would expose 1.5087 (61.8% of Apr-Jun rally) and 1.5066 (daily low).
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