GBP/USD tests 1.51 handle, Eyes Fed speak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair clocked a high of 1.5101 levels as the post-NFP USD rally continues to unwind slow and steady ahead of the Fed speak in the US session.

    Trades above key Fib

    The spot trades above 1.5087 (61.8% of Apr-June rally) but the question remains if the pair could maintain gains above the same. The immediate focus is on the Fed’s Rosengren speech. The policymakers is more likely to state the doors are open for a Fed rate hike in December.

    Meanwhile, it remains to be seen if the USD makes a comeback in the US session or the technical correction continues till NY closing.

    GBP/USD Technical Levels

    The immediate resistance is located at 1.5157 (hourly 50-MA), above which the pair could target 1.5163 (Sep 4 low). On the lower side, a failure to sustain above 1.5087 (61.8% of Apr-Jun rally) could push the pair back to 1.5025 (falling channel support) and 1.50 levels.
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