GBP/USD struggles to regain 1.5200

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The pound continues to show resilience to dollar strength, with GBP/USD advancing for third day in a row and attempting to regain the 1.52 mark.

    As the dollar remains supported by prospects of a Fed lift-off in December, the pound has left behind dovish rhetoric from the BoE from last Thursday and UK employment figures released during the European session. UK unemployment rate dropped to 5.3% from 5.4%, but official figures showed the British public sector continues cutting jobs.

    GBP/USD climbed to retest the 1.5200 level, but lacked momentum to decisively clear resistance. At time of writing, the pair was trading at 1.5198, 0.54% above its opening price, as it continues challenging the psychological level.

    GBP/USD technical levels

    In terms of technical levels, if GBP/USD breaks above 1.5200, next next resistances could be found at 1.5218 (Nov 6 high), 1.5263 (10-day SMA) and 1.5300 (psychological level). On the other hand, supports are seen at 1.5090 (Nov 10 low), 1.5040 (Nov 9 low) and 1.5025 (Nov 6 low) followed by 1.5000 (psychological level).
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