GBP/USD stronger, flirting with 1.5500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The upside momentum in the pound remains unabated on Monday, now pushing GBP/USD to test the 1.5500 neighbourhood.

    GBP/USD closer to October peaks

    The pair keeps the buoyant tone at the beginning of the week, extending the rebound after bottoming out around the critical support at 1.5200 posted last week.

    In the meantime, the pair has managed to shrug off the recent dovish tone from the BoE and some not-so-auspicious releases in the UK economy. Favouring GBP, it is worth mentioning last Friday’s comments by MPC Forbes, who stated that a rate hike would come sooner rather than later.

    GBP/USD important levels

    As of writing the pair is advancing 0.29% at 1.5482 with the next resistance at 1.5513 (high Oct.15) ahead of 1.5567 (38.2% Fibo of 1.7192-1.4563) and finally 1.5645 (downtrend from July peak). On the other hand, a breach of 1.5415 (55-day sma) ahead of 1.5107 (low Oct.1) and then 1.5089 (low May 5).
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