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GBP/USD: Revisiting Tuesday’s low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD is nearing the Thursday’s low of 1.5248 as the bid tone on the USD stays intact amid the rise in December rate hike probability.

    Rejected at 1.5272

    A technical recovery in Asia quickly ran out of steam around 1.5272 levels. The USD spiked across the board in the NY session and stays on a positive footing as the Fed is no longer worried about the global issues and has kept the doors open for a rate hike in December.

    Ahead in the day, the UK net consumer credit would be watched out by traders. Next on cards would be the US preliminary Q3 GDP figures.

    GBP/USD Technical Levels

    At 1.5255, the immediate support is seen at 1.5248 (50% of Apr-Jun rally), under which the pair could test 1.52 handle. The next strong support is seen at 1.5185 (23.6% of Jul 14-Apr 15 plunge). On the other side, resistance is seen at 1.5282 (Oct 27 high)-1.53, followed by major hurdle at 1.5333 (200-DMA).
    For more information, read our latest forex news.
     

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