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GBP/USD trading at weekly lows to end US 2015

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.4743 with a high of 1.4846 and a low of 1.4735.

    GBP/USD dumped and kept dumping on a final demand for dollars with last minute transactions triggering stops as we had a mad rush across the board. The pound lost the 1.48 handle and trades at the lowest level since last April. We will now await 2016 and what that may bring.

    The Fed and oil is the one to watch while the BoE is likely to remain on hold until the pound gives a little more to the downside as it has already been doing much of the tightening work in the economy and a little respite will do no harm to exports and manufactures.

    GBP/USD levels

    Technically, 1.4577 April lows are the next target on the downside while the upside sees 1.4827 as the 20 SMA resistance on the 4hr, 1.4900, 1.4970 and 1.5041 as the 200 SMA on the 4hr as further resistances.
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