GBP/USD toying with 1.53, UK data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is following the rest of the risk-associated assets on their way up, pushing GBP/USD to test the 1.5280 area so far.

    GBP/USD focus on UK data

    The pair is advancing for the third straight session and testing the boundaries of the critical handle at 1.5300 after market participants have perceived yesterday’s FOMC minutes as dovish, triggering a sell-off in the dollar.

    Ahead in the day, prior surveys expect UK Retail Sales to have contracted at a monthly pace of 0.5% during last month. Across the pond, the Philly Fed Manufacturing Survey will take centre stage (-1.0 exp.).

    GBP/USD important levels

    The pair is now up 0.26% at 1.5276 facing the immediate resistance at 1.5310 (55-day sma) followed by 1.5385 (76.4% Fibo of 1.5496-1.5023) and finally 1.5417 (100-day sma). On the flip side, a breach of 1.5135 (23.6% Fibo of 1.5496-1.5023) would aim for 1.5023 (low Nov.6) and then 1.4853 (low Apr.22).
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