GBP/USD takes out Fib support, tests 1.51 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair took out 1.5115 (50% of 1.5336-1.4895) in early Europe to clock a session low of 1.5098 levels.

    Cable tracks EUR/USD

    The spotlight remains on the EUR/USD pair today as well. The moves in the shared currency against the USD is guiding other majors. A dip in the cable witnessed in early Europe is in line with the minor weakness seen in the EUR/USD pair.

    The cable could continue to track the EUR/USD pair ahead of the European opening bell and then may shift focus to EUR/GBP cross, since the common currency may find respite in weak stocks. Later today, the OPEC meeting and the NFP number could influence the FX markets.

    GBP/USD Technical Levels

    At 1.51, the immediate support is seen at 1.5087 (50% of Apr-Jun rally), which, if taken out would expose the hourly 100-MA at 1.5041. On the other side, resistance is seen at 1.5115 (50% of 1.5336-1.4895), above which the pair could test 1.5164 (Sep 4 low) and 1.5167 (61.8% of 1.5336-1.4895).
    For more information, read our latest forex news.

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