GBP/USD under pressure below 1.5000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD has extended losses below the 1.50 mark and hit fresh 5-day lows ahead of the NY opening as the pound faces renewed weakness following mixed results from UK’s manufacturing and industrial production.

    GBP/USD accelerated the fall and hit a low of 1.4955 before finding support. At time of writing, the pair is trading at 1.4975, still down 0.52% on the day. Despite having fallen over the last three days, Cable hasn’t complete the roundtrip to pre-ECB lows.

    Ahead in the session, UK’s NIESR GDP Estimate is due. On Thursday, the Bank of England will decide on monetary policy although no changes are expected. Meanwhile, market’s focus remain on the Federal Reserve meeting next week, when the FOMC is expected to raise rates.

    GBP/USD levels to watch

    As for technical levels, next supports are seen at 1.4894 (Dec 2 low), 1.4855 (Apr 21 low) and 1.4810 (Apr 16 low). On the other hand, resistances could be encountered at 1.5060 (Dec 8 high), 1.5114 (Dec 7 high), 1.5158 (Dec 3 high) and then 1.5234 (50-day SMA).
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