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GBP/USD slips to fresh session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair fell to fresh session lows at 1.4870 after having failed to sustain above 1.5 levels in Europe.

    Eyes US data

    The spike in the monthly UK public sector net borrowing saw the pair turn lower from the high of 1.4908; marking a failure to sustain above 1.49 for the second time today. Consequently, fresh offers took the pair down to 1.4870 levels ahead of the data in the US.

    The traders now await the US third quarter GDP and core personal consumption expenditure figure.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4898 (hourly 50-MA) and 1.4921 (hourly 100-MA), above which the pair could target 1.4950 (Thursday’s high). On the other hand, a break below 1.4888 (76.4% of Apr-Jun rally) would expose 1.4865 (Dec 17 low).
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