GBP/USD through 1.5400, session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The bid tone around the sterling is picking up pace during the NA session on Friday, pushing GBP/USD to test highs beyond the 1.5400 handle.

    GBP/USD in weekly highs

    The pair has managed to leave behind the FOMC-induced weakness that hit the risk-associated universe by mid-week, reverting the initial drop and now closing the week on a positive note.

    Looking to next week’s docket in the UK economy, Markit’s manufacturing/services PMI and the BoE MPC meeting and minutes will take centre stage, amidst steady market expectations of a rate hike by the BoE around H2 2016.

    GBP/USD levels to watch

    At the moment the pair is gaining 0.55% at 1.5394 facing the next hurdle at 1.5457 (downtrend from 1.5658) followed by 1.5482 (100-day sma) and finally 1.5528 (76.4% Fibo of 1.5658-1.5106). On the other hand, a breach of 1.5236 (23.6% Fibo of 1.5658-1.5106) would open the door to 1.5208 (6-month uptrend) and then 1.5106 (low Oct.1).
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