GBP/USD still in red around 1.5320

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After hitting session tops in the 1.5380 area during the European morning, GBP/USD has deflated to session lows in sub-1.5320 levels.

    GBP/USD weaker after data

    Spot is retreating for the first time after three consecutive sessions of advances, extending the bounce off recent multi-month troughs in the 1.5100 neighbourhood.

    Today’s trade balance figures in the UK economy have prompted the pair to surrender the spike to the upper-1.5300s and retreat to the 1.5330 area, where is now trying to rebound.

    Next on tap will be US Export/Import Prices, followed by the speeches by Fed’s Lockhart and Evans.

    GBP/USD important levels

    As of writing the pair is losing 0.13% at 1.5325 and a breach of 1.5137 (low Oct.5) would expose 1.5107 (low Oct.1) and then 1.5089 (low May 5). On the other hand, the next resistance lines up at 1.5400 (psychological level) ahead of 1.5443 (Fibo 38.2% of 1.5658-1.5107) and then 1.5508 (100-day sma).
    For more information, read our latest forex news.

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