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US Dollar is the theme in GBP/USD

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - GBP/USD stays with the better bid tone with highs at 1.5127 and lows of 1/5047, trading at spot of 1.5080 at time of writing.

    While GBP/USD remains in a descending channel with a stronger dollar as the broader theme, the pound garnered some strength into the close of November's business until reaching the 200 SMA on the hourly chart, supported by the 55 SMA on the same time frame at 1.5051 and has attempted a bid on the back of the ISM headline shocker and lowest reading since 2009 and continuation of a contracting manufacturing climate.

    However, the services sector, jobs and core inflation expectations should keep the voting members of the FOMC balanced towards a Fed hike this month, while Nonfarm Payrolls remains the key event leading into that meeting.

    GBP/USD levels

    Technically, any continuation of the bid should find tough resistance at the 20 DMA at 1.5162 on a break of recent highs. The downside aims at the 1.50 psychological level breaking to give way to the bears on a run at 1.4970 territory and average highs for the period between late Mar/April and April 15th rally.
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