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GBP/USD slide continues..

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair clocked a fresh session low of 1.5125 as is eyeing further loss following a more 100-pip loss on Friday.

    Eyes US data

    The immediate focus is now on the string of US economic data – monthly preliminary manufacturing PMI, Chicago Fed activity index and Existing home sales. Traders would also search for the news regarding the Fed’s closed meeting on the discount rates.

    The broad based USD strength in the NY session on Friday pushed the GBP/USD pair to a low of 1.5182 and marked the continuation of the lower highs formation on the daily charts.

    GBP/USD Technical Levels

    The immediate support is located at 1.5087 (61.8% of Apr-Jun rally), under which the losses could be extended to 1.50 handle. On the other side, resistance is seen at 1.5197 (daily high) and 1.5248 (50% of Apr-Jun rally).
    For more information, read our latest forex news.
     

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