GBP/USD trims gains, near 1.5120

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is now losing its shine, sending GBP/USD to test the lower bound of the range in the 1.5125/20 bad.

    GBP/USD capped by 1.5160

    The pair has failed to break above the area of 1.5160 on a sustainable basis in early trade, sparking the current decline to lows near 1.5120 ahead of the UK’s Inflation Report Hearings and the US GDP during the third quarter.

    It seems the pair remains unable to benefit from the current weakness around the greenback, navigating in the lower band of the recent range although well supported in the vicinity of 1.5100 the figure.

    GBP/USD important levels

    The pair is now up 0.11% at 1.5130 and a break above 1.5217 (61.8% Fibo of 1.5023-1.5336) would expose 1.5303 (55-day sma) and finally 1.5336 (high Nov.19). On the other hand, the immediate support aligns at 1.5100 (psychological level) ahead of 1.5097 (23.6% Fibo of 1.5023-1.5336) and then 1.5023 (low Nov.6).
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