26 Nov 2015
GBP/USD above 1.51, Eyes key fib resistance
FXStreet (Mumbai) - The GBP/USD pair rose to 1.5115 after having taken out the hourly 50-MA level at 1.5097 levels and is now eyeing the 1.5120 (23.6% of 1.5336-1.5035).
Eyes UK GDP
The traders now await the UK Q3 GDP figure due for release tomorrow. Pound was on a strong footing yesterday after the UK BOR revised its 2016 GDP higher. The UK GDP is seen unchanged at 2.3% y/y and 0.5% q/q.
The trading activity could stay lackluster till Friday’s London morning. It remains to be seen if the pair takes out 23.6% fib level or falls back to sub-1.51 levels ahead of the UK GDP figure.
GBP/USD Technical Levels
At 1.5115, the immediate resistance is located at 1.5120 (23.6% of 1.5336-1.5035), above which the pair could target 1.5163 (Sep 4 low). On the lower side, the hourly 50-MA at 1.5097 could offer support, under which the pair could revisit the daily low at 1.5066.
Eyes UK GDP
The traders now await the UK Q3 GDP figure due for release tomorrow. Pound was on a strong footing yesterday after the UK BOR revised its 2016 GDP higher. The UK GDP is seen unchanged at 2.3% y/y and 0.5% q/q.
The trading activity could stay lackluster till Friday’s London morning. It remains to be seen if the pair takes out 23.6% fib level or falls back to sub-1.51 levels ahead of the UK GDP figure.
GBP/USD Technical Levels
At 1.5115, the immediate resistance is located at 1.5120 (23.6% of 1.5336-1.5035), above which the pair could target 1.5163 (Sep 4 low). On the lower side, the hourly 50-MA at 1.5097 could offer support, under which the pair could revisit the daily low at 1.5066.