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GBP/USD resumes decline and moves toward 1.5200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - After a short-lived recovery, GBP/USD resumed the decline and broke below previous lows. It bottomed at 1.5205, hitting a new 2-week low.

    The pair remains near the lows under pressure, as the pound continues to slide across the board weakened after the minutes and the Quarterly Inflation Report from the Bank of England.

    GBP/USD is trading around the lows at 1.5210, down 1.15% for the day so far, having the worst performance since August. From the level it had before BoE events, it lost almost two hundred pips.

    GBP/USD and a bearish outlook

    Ahead of tomorrow’s NFP, the technical outlook for the pair has turned even more bearish. Price dropped today below the 20 and 55-day moving average and is about to close under 1.5250 (area that capped the downside during several weeks last month).

    To the downside, the next key support area is the 1.5090 – 1.5100 range, that had been offering support since May. If the pair drops below it would be trading at levels last seen back in April.
    For more information, read our latest forex news.
     

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