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GBP/USD: Recovery capped by 1.5050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD recovery from fresh multi-month lows lost steam near 1.5050 levels, and the prices erased gains and drifted lower post-European open.

    GBP/USD retreats to 1.5030

    The GBP/USD pair trades almost unchanged at 1.5033, retracing from fresh session highs reached at 1.5050 in last hours. The appetite for risk currencies such as the GBP waned after the European stocks opened on a bearish note, sending the GBP/UD lower from session tops.

    Moreover, the pound remains pressured against the US currency as markets continue to digest the recent dovish comments from BOE rate-setter Vlieghe, who stated that he would want to see stronger economic momentum before a rate lift-off.

    On the other side, the US dollar prolongs its winning streak across the board and reached the strongest levels since March this year, as the Fed remains the only central bank likely to raise rates this year.

    Data-wise, the GBP traders moved past in-line with estimates UK GDP report and now await the net lending to individuals figures due for release shortly ahead of the UK bank stress results due tomorrow.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5069 (5-DMA), above which 1.5100 (round number) would be tested. On the flip side, support is seen at 1.5015 (daily Low) below which it could extend losses to 1.4986 (Feb Lows).
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