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GBP/USD unable to move away from 1.5000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD is falling more than a 150 pips for the second day in a row on Friday. So far during the week lost 420 pips, having the worst week of the year so far.

    On Thursday, a more dovish than expected Bank of England, pushed the pound further to the downside. The currency was already weak affected by economic data from the United Kingdom. Yesterday dropped to 1.5200 and on Friday, after the US NFP report broke to the downside and tumbled toward 1.5000 as the US dollar jumped in the market.

    At the beginning of the American session it recovered some ground but found resistance at 1.5090 and turned again to the downside. Near the end of the week printed a fresh low at 1.5025. It remains near the bottom, unable to move away from the 1.5000 area and about to post the lowest daily close since April.

    Week ahead

    Market is likely to continue to be affected by the outcome of the US employment numbers. The next week the main report will be the retail sales (Thursday). Also traders will pay attention to speeches by FOMC members.

    In the UK, after the Super Thursday and a busy week, the next days attention will lie on the September labor report (Wednesday) and construction spending (Friday).
    For more information, read our latest forex news.
     

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