GBP/USD secures gains after steep rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD entered a consolidation phase near daily highs, after rallying throughout the American session amid broad USD weakness.

    GBP/USD rose nearly 100 pips from lows and reached a peak of 1.5233 before finding resistance and settling in a narrow range. Cable is currently trading at 1.5229, recording a 0.56% gain on Tuesday.

    On Thursday, the Bank of England will decide on monetary policy. However, both interest rate and the amount of bond purchases are expected to remain unchanged.

    GBP/USD technical levels

    On the upside, immediate resistances could be found at 1.5244 (Oct 5 high), 1.5260 (Sep 25 high) and 1.5288 (Sep 24 high). On the other hand, next supports are seen at 1.5136 (Oct 5 & 6 low), 1.5106 (Oct 1 low) and 1.5088 (May 5 low).
    For more information, read our latest forex news.

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