GBP/USD stabilizes below 1.5100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is following down the rest of the risk-associated assets on Thursday, taking GBP/USD to the lower bound of the range near 1.5080.

    GBP/USD down from 1.5130

    The pair has broken below the consolidative pattern that prevailed overnight around the 1.5130/35 band, and is testing daily lows in the 1.5085/80 band in a context where thin trade conditions dominate the global markets.

    Data wise in the UK economy, Consumer Confidence gauged by Gfk and preliminary GDP figures for the third quarter are due tomorrow. Consensus expects the UK economy to have expanded 0.5% QoQ and 2.3% over the last twelve months.

    GBP/USD important levels

    The pair is now losing 0.24% at 1.5082 facing the next support at 1.5023 (low Nov.6) ahead of the psychological mark at 1.5000 and then 1.4853 (low Apr.21). On the flip side, a breakout of 1.5217 (61.8% Fibo of 1.5023-1.5336) would expose 1.5292 (55-day sma) and finally 1.5336 (high Nov.19).
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