GBP/USD struggles around 1.5300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - GBP/USD managed to move off daily lows but remains under pressure during the American afternoon with the pound weighed by weak results from preliminary UK GDP figures for the third quarter (2.3% YoY, 0.5% QoQ).

    GBP/USD printed a 2-week low of 1.5282 before regaining the 1.53 mark during the last minutes. At time of writing, the pair is trading at 1.5301, still 0.33% below its opening price.

    Investors’ focus now turns to Wednesday’s Federal Reserve decision on monetary policy. While expectations still favor a December rate hike, Fed’s wording will be closely watched.

    GBP/USD technical levels

    In terms of technical levels, next supports are seen at 1.5282 (Oct 27 low), 1.5245 (Oct 14 low) and 1.5200 (psychological level). On the other hand, resistances line up at 1.5358 (Oct 28 high), 1.5373 (50-day SMA) and 1.5404 (10-day SMA).
    For more information, read our latest forex news.

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