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GBP/USD weaker, eases to 1.5250

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The sterling is following the rest of the risk-associated assets on Thursday, dragging GBP/USD to the 1.5255/50 band.

    GBP/USD focus on US GDP

    The pair is challenging daily lows in the mid-1.5200s, while it keeps looking to consolidate yesterday’s FOMC-induced sharp sell-off. In the meantime, spot has remained unable to gather further traction during the European morning, as a cautious tone prevails amongst market participants ahead of the US releases due later.

    In fact, flash US GDP figures for the third quarter are due later, with consensus expecting the economy to have expanded at an annual pace of 1.6%. Further data will see Initial Claims, Pending Home Sales and PCE.

    GBP/USD levels to watch

    At the moment, the pair is losing 0.04% at 1.5254 and a break below 1.5236 (23.6% Fibo of 1.5659-1.5106) would aim for 1.5198 (low Oct.13) and then 1.5106 (low Oct.1). On the other hand, the initial resistance aligns at 1.5340 (200-day sma) followed by 1.5382 (50% Fibo of 1.5659-1.5106) and finally 1.5459 (downtrend from 1.5659).
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