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GBP/USD treads water just ahead of 1.4900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD’s recovery from near hourly 100-SMA appears to lose steam just ahead of 1.49 handle, with the major seen consolidating in a 5-pips range since mid-Asia.

    GBP/USD finds good support near 1h 100-SMA at 1.4882

    The GBP/USD pair trades 0.15% higher at 1.4905, flirting with session highs over the last hours. The cable remains on the bids and gathers pace for further upside amid persisting broad based US dollar weakness and favourable risk sentiment extending into Europe.

    With limited economic data in the day ahead, the main focus will remain on the oil price movement and the sentiment on the European and US equities for fresh incentives on the pair.

    Today’s NY session sees a release of US goods trade balance, S&P/CS Composite-20 HPI y/y and CB Consumer Confidence data which may spur some irregular volatility as thin volumes are likely to persist this week.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4914 (1h 200-SMA/ 5-DMA), above which 1.4935 (Dec 28 High) would be tested. On the flip side, support is seen at 1.4882 (1h 100-SMA) below which it could extend losses to 1.4683 (daily S1).
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