GBP/USD stays near session lows after US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bid tone on the USD remained intact after the US data, ensuring the GBP/USD pair remains around the session low of 1.4861 levels.

    US core-CPE revised higher

    The annualised third quarter US GDP was revised slightly lower to 2% from the previous figure of 2.1%. However, the pair refused to witness any notable recovery from the daily lows due to the upward revision of the core personal consumption expenditure from 1.3% to 1.4%.

    The pair failed twice today to sustain above 1.49 levels, following which fresh offers took the pair lower to 1.4861 levels. The focus now shifts to the US existing home sales data.

    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 1.4739 (Apr 1 low) would expose 1.4635 (Mar 18 low).
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