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GBP/USD rises to test 1.5000

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 rose to daily highs near the 1.50 mark as the greenback faces a wave of selling across the board on the back of sudden euro strength despite ECB decision to cut the deposit rate.

    GBP/USD pick up momentum and rose toward a daily high of 1.5000 but failed to break above the psychological level and retreated slightly. At time of writing, the pair is trading at 1.4978, up 0.19% on the day.

    On the data front, US data due for the session includes initial jobless claims, Markit services PMI, factory orders and Fed speakers, including Chair Yellen.

    GBP/USD levels to watch

    As for technical levels, immediate resistances are seen at 1.5000 (psychological level), 1.5070 (10-day SMA), 1.5125 (Dec 1 high). On the flip side, supports could be found at 1.4893 (7-month low Dec 2) followed by 1.4855 (Apr 21 low) and then 1.4810 (Apr 16 low).
    For more information, read our latest forex news.

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