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GBP/USD: recovery stalls around 1.53, UK data ignored

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The recovery in the GBP/USD pair from the intraday lows stalled at 1.53 as the drop in the EUR/GBP c following Draghi’s dovish comments came to a halt around 0.6990.

    Supported by a drop in the EUR/GBP cross

    The pair turned higher from the low of 1.5262 after Draghi’s comments rocked EUR and pushed the EUR/GBP cross to a low of 0.6984. The selling in the cross helped the GBP/USD pair recover to 1.53 levels.

    Meanwhile, the pair ignored the rise in the UK public sector net borrowing costs reported few minutes back. Ahead in the day, the pair stays at the mercy of the action in the EUR/GBP cross and overall demand for the US dollars.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5304 (50-DMA), above which the pair could test offers at the 200-DMA located at 1.5339. On the other side, support is seen at 1.5262 (daily low) and 1.5248 (50% of Apr-Jun rally), under which the losses could be extended to 1.52 handle.
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