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GBP/USD wavers above 1.4600, UK data in focus

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair continues its consolidation near 1.46 handle, with every attempt to the upside sold-off at hourly 10-SMA.

    GBP/USD stuck in a 20-pips range

    The GBP/USD pair trades modestly flat near fresh session lows of 1.4604, and looks to break below 1.46 barrier. The cable oscillates back on forth between an extremely slim range and fails to benefit from the risk-on rally in the European equities, as the strengthening US dollar keeps a lid on the prices.

    The US dollar extends the rebound in Europe as markets prefer to hold the US currency ahead of the crucial payrolls data, with the stronger outcome likely to bolster Fed’s further rate hike chances this year. Meanwhile, markets await the UK trade balance number for fresh moves in the cable.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4646/51 (daily high/ 5-DMA), above which 1.4683/1.4700 (Jan 6 High/ round number) would be tested. On the flip side, support is seen at 1.4600 (round number) below which it could extend losses to 1.4583 (daily S3).
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