GBP/USD rejected at 1.5200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The buoyant tone remains unchanged around the pound today, with GBP/USD adding gains towards the 1.5200 handle.

    GBP/USD in weekly highs

    The pair is advancing for the third consecutive session so far, managing to bounce off recent multi-month lows in the 1.5040 area to today’s peaks in the boundaries of 1.5200 the figure.

    Furthermore, spot has quickly left behind mixed results from the UK’s labour market, and it seems it has fully digested the renewed softness coming from the Bank of England following last week’s events.

    GBP/USD levels to watch

    At the moment, the pair is advancing 0.43% at 1.5182 facing the next resistance at 1.5204 (38.2% of 1.5496-1.5023) followed by 1.5233 (7-month uptrend prev. support now resistance) and then 1.5314 (55-day sma). On the other hand, a break below 1.5023 (low Nov.6) would aim for 1.4948 (low Jan.23) and finally 1.4563 (2015 low Apr.13).
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