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GBP/USD: Rejected at Fib level, erases gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair was offered at 1.5248 (50% of Apr low-Jun high), following which the pair fell back to trade largely unchanged on the day around 1.5210 levels.

    Sits above 38.2% fib level

    At the moment, the pair is trading just above 1.5206 (38.2% of last week’s drop). The UK economic calendar is empty, which leaves sterling at the mercy of the overall demand for the US dollars in Europe.

    Later today, speech from Fed officials – Yellen, Bullard, Dudley, Evans, Lacker – could influence the pair. The weekly jobless claims may not have much effect unless the actual figure is surprisingly strong or weak.

    GBP/USD Technical Levels

    At 1.5210, the immediate support is located at 1.5206 (38.2% of last week’s drop), under which the pair could extend losses to 1.5163 (Sep 4 low). A break lower would open doors for a drop to 1.5138 (23.6% of last week’s drop). On the other side, resistance is located at 1.5248 (50% of Apr-Jun rally), followed by a rise to 1.5315 (50-DMA).
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