GBP/USD testing lows in the 1.5440 area

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is losing the grip vs. the dollar on Friday, with GBP/USD trading in session lows around 1.5445/40 band.

    GBP/USD deflates from 1.5500

    After hitting levels just above the 1.5500 handle, or multi-week tops, the absence of follow through motivated spot to fade that spike and return to the 1.5450/40 band today. At least the pair has managed to leave the area of weekly lows near 1.5200 the figure posted on Tuesday and retains the upper bound of the range.

    Absent releases in the UK, with only MPC Forbes reiterating that a rate hike in the UK would come sooner than later, market participants remain vigilant on today’s US docket, with Industrial Production, Capacity Utilization and the Reuters/Michigan index

    GBP/USD important levels

    As of writing the pair is down 0.10% at 1.5445 with the next support at 1.5142 (up trend from ytd low) ahead of 1.5107 (low Oct.1) and then 1.5089 (low May 5). On the upside, a surpass of 1.5567 (38.2% Fibo of 1.7192-1.4563) would open the door to 1.5600 (psychological level) and finally 1.5659 (downtrend from 1.7192).
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