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GBP/USD sinks to 1.4950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The British pound is now quickly losing ground vs. the dollar, sending GBP/USD to fresh lows in the mid-1. 4900s.

    GBP/USD in 8-month lows

    The offered tone in GBP is dragging spot to levels last traded in late April in the 1.4955/50 band following an increasing buying interest around the dollar. Poor results from UK’s Construction PMI in November have also been collaborating with today’s downside.

    Ahead in the week, the more relevant Services PMI (Thursday) is the only release left in the UK docket, while US Non-farm Payrolls (Friday) is poised to keep the pair vulnerable.

    GBP/USD important levels

    The pair is now retreating 0.87% at 1.4949 facing the next support at 1.4900 (psychological level) followed by 1.4853 (low Apr.21) and then 1.4563 (low Apr.13). On the upside, a breakout of 1.5126 (high Dec.1) would open the door to 1.5164 (50% Fibo of 1.5336-1.4991) and finally 1.5265 (55-day sma).
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