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GBP/USD rises through 1.5100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD extended gains to above 1.5100 as the dollar selloff against European currencies intensified with EUR/USD also breaking above the 1.0900 psychological level.

    As for Cable, the pair continues to move off its 7-month low sub-1.49 scored yesterday, having recovered more than 200 pips so far to post a 2-day high of 1.5121, roughly at the same level it peaked on Tuesday. Having retreated slightly, GBP/USD is currently trading at 1.5087, 0.92% above its opening price.

    Fed Chair Janet Yellen reiterated Thursday that delaying the lift-off could lead to abrupt tightening later, but the dollar failed to gain traction as investors have taken the December rate raise as a done deal.

    GBP/USD levels to watch

    In terms of technical levels, next resistances are seen at 1.5125 (Dec 1 high), 1.5195 (Nov 23 high) and 1.5240 (50-day SMA). On the downside, immediate supports could be found at 1.4893 (7-month low Dec 2), 1.4855 (Apr 21 low) and 1.4810 (Apr 16 low).
    For more information, read our latest forex news.

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