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GBP/USD skid lower after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Sterling continues to lose its shine across the board, with GBP/USD falling to fresh session low of 1.5267 after the US weekly jobless claims printed at multi-week lows.

    Eyes key Fib level

    The cable is heading towards 1.5248 (50% of Apr-Jun rally); courtesy of the dovish BOE minutes and strong US data. BOE hinted at a more gradual pace of tightening, while staying non-committal regarding the timing of the rate hike. Meanwhile, the US initial jobless claims for the last week printed at lowest level since mid-July.

    Next on the cards is the US Fed minutes for the September 17 meeting. Comments of Fed officials - Bullard, Williams and Kocherlakota – could also influence the pair.

    GBP/USD Technical Levels

    At 1.5280, the immediate support is seen at 1.5248 (50% of Apr-Jun rally), under which the spot could target the psychological level of 1.52; under which the pair could test critical support on the daily chart a t1.5163 (Sep 4 low). On the higher side, a re-test of the daily high at 1.5372 seems possible if the pair take out the 200-DMA resistance at 1.5318 in one attempt.
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