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GBP/USD rejected at the 61.8% Fibo level

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD ran into offers at 1.5167 (61.8% Fibo of 1.5336-1.4895) and fell back into losses to trade around 1.5140 levels.

    USD demand in Europe

    The USD demand is back in Europe as investors now look towards the next week’s FOMC meeting, where the central bank is likely to raise rates. The BOE’s reluctance to sound hawkish yesterday has triggered speculation that the BOE and Fed will diverge in 2016.

    Ahead in the day, the US retail sales figure could influence the pair if the data manages to force markets to re-think the size of the liftoff next week.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5145 (hourly 50-MA), above which the gains could be extended to 1.5167 (61.8% of 1.5336-1.4895). On the other hand, a break below 1.5113 (23.6% of 1.5819-1.4895) would expose 1.5087 (61.8% of Apr-Jun rally).
    For more information, read our latest forex news.
     

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