GBP/USD: trimming losses slow and steady

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair is on a slow recovery mode; now trading around 1.5160, after having bounced-off from the support at 1.5113 (23.6% of 1.5819-1.4895).

    Weak US jobless claims support Cable

    The higher-than-expected US jobless claims figure is aiding the recovery in the pair, however, the pace has been slow due to a slower-than-expected drop in the import prices.

    The pair ran into offers close to 1.52 earlier today and fell to 1.5113 after the BOE left rates unchanged, but noted a flatter nominal pay growth. Ahead in the day, the pair is at the mercy of the overall market sentiment, which will be decided by the action in the US stocks.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.5167(61.8% of 1.5336-1.4895), above which 1.5185 (23.6% of July 14-Apr15 plunge) could offer resistance, which, if taken out shall open doors for 1.5202 (daily high). On the other hand, a break below 1.5113 (23.6% of 1.5819-1.4895) would expose 1.5087 (61.8% of Apr-Jun rally).
    For more information, read our latest forex news.

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