GBP/USD struggles to extend beyond 1.5160

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair manages to regain the hourly 50-SMA now placed at 1.5148, although struggles to extend beyond 1.5160 region.

    GBP/USD supported at 1.5130

    The GBP/USD pair trades modestly lower at 1.5152, having posted fresh session highs at 1.5157 some minutes ago. The recovery in GBP/USD from near 5-DMA remains intact, although lacks follow-through as the not so impressive BOE minutes continue to weigh on investors’ minds.

    However, the downside remains cushioned on the back of crosses driven strength, with the rising GBP/JPY cross providing the much needed support to the major.

    In absence of first tier economic updates from the UK docket, focus now remains on the retail sales, PPI and consumer sentiment data from the US for fresh incentives on the pair.

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    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5202 (Dec 10 High), above which 1.5225 (50-DMA) would be tested. On the flip side, support is seen at 1.5111/10 (5 & 20-DMA) below which it could extend losses to 1.5089 (Nov 10 low).
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