GBP/USD remains capped by 1.5100 during the NY session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD attempted to resume its recovery as the greenback weakened on the back of an unexpected contraction in the manufacturing sector.

    ISM manufacturing index fell to 48.6 in November versus 50.1 the previous month, crossing the 50.0 threshold for first time since 2012.

    GBP/USD made another attempt to extend its recovery from 7-month lows, but the bounce was capped ahead of the 1.51 mark. Cable had reached a daily peak of 1.5125 during the European session, but failed to sustain gains and pulled back to settle in a narrow range over the last hours.

    Having posted a session high of 1.5094, GBP/USD is currently trading at 1.5070, still 0.10% above its opening price.

    GBP/USD technical levels

    In terms of technical levels, GBP/USD could find immediate resistances at 1.5131 (10-day SMA), 1.5155 (Nov 24 high) and 1.5195 (Nov 23 high). On the other hand, supports could be faced at 1.5050 (Dec 1 low), 1.4993 (7-month low Nov 30), 1.4959 (Apr 23 low) and 1.4913 (Apr 22 low).
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