GBP/USD recovery falters at 1.4900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The pound is staging a decent comeback on Wednesday shrugging off disappointing UK GDP revisions and having reversed the previous day’s losses versus the dollar.

    GBP/USD has climbed nearly a hundred pips from yesterday’s lows and reached a peak of 1.4899, but lacked momentum to break above the psychological level and pulled back slightly. At time of writing, the pair is trading at 1.4883, up 0.39% on the day.

    The pound is making up for yesterday’s underperformance, being one of the strongest currencies across the board on Wednesday, with GBP/USD recovering from an 8-month low of 1.4804.

    Next on tap, US data to be released includes November durable goods orders and personal spending/income.

    GBP/USD levels to watch

    In terms of technical levels, if GBP/USD breaks decisively above the 1.4900/06 area (psychological level/Dec 22 high), next resistances are seen at 1.4949 (Dec 18 high) and 1.4995 (10-day SMA). On the flip side, supports could be found at 1.4804/00 (Dec 22 low/psychological level) and not much until 1.4700 (Apr 15 low/psychological level).
    For more information, read our latest forex news.

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