GBP/USD rises to fresh session highs on muted USD

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The British pound remains on the bids against its American counterpart in the late-Asian session, now pushing GBP/USD to fresh daily highs.

    GBP/USD stabilizes in sync with Oil

    The GBP/USD pair trades 0.07% higher at fresh session highs of 1.4828, recovering from session lows reached at 1.4809 earlier this session. The major extends its consolidative phase into Asia today as markets remain on the side-lines amid no news fundamental triggers and limited trading activity heading into NYE celebrations.

    Markets now await a fresh set of US economic releases, including the weekly jobless claims and Chicago PMI for further momentum on the pair. While from a wider perspective, the pound remains capped within 1.4900-1.4780 range, with further downside risks seen into 2016 on looming Brexit concerns and BOE’s outlook on the interest rates.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4849 (Dec 30 High), above which 1.4866/75 (1h 100 & 200-SMA) would be tested. On the flip side, support is seen at 1.4800 (round number) below which it could extend losses to 1.4787 (Dec 29 Low).
    For more information, read our latest forex news.

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