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GBP/USD turns negative near 1.4730

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The British pound has surrendered initial gains and has now dragged GBP/USD back to the negative ground near 1.4730.

    GBP/USD weaker ahead of US data

    After reaching the area of 1.4830 during the European morning, spot has given away about a big-figure to trade in current levels near 1.4830 amidst a solid recovery of the US dollar.

    Previously, auspicious results from UK’s Mortgage Approvals and BoE’s Consumer Credit along with better market sentiment have offset the poor manufacturing PMI print during last month, which dropped to 51.9 vs. November’s 52.7.

    GBP/USD important levels

    The pair is now losing 0.02% at 1.4733 and a breach of 1.4632 (low Mar.18) would open the door to 1.4563 (low Apr.13) and then 1.4500 (psychological level). On the upside, the next up barrier lines up at 1.4947 (high Dec.24) ahead of 1.5000 (psychological level) and finally 1.5102 (55-day sma).
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