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GBP/USD at fresh lows, Glencore strengthens

FXStreet (Mumbai) - The GBP/USD pair clocked a fresh session low of 1.5155 ahead of BOE’s Carney speech, while the shares in Glencore witnessed a technical correction.

Hourly 50-MA: A tough nut to crack

The cable had a hard time throughout the European session to sustain above its hourly 50-MA currently seen at 1.5185 levels. However, the losses are being capped to some extent by the gains in the shares of the mining giant Glencore. Drop in the Glencore shares was one of the main reasons for the weakness in Sterling on Monday.

The focus now shifts to the US consumer confidence data and BOE Carney’s speech. Markets would be interested to see if Carney maintains the possibility of a rate hike at the turn of this year or surprises markets by turning dovish.

GBP/USD Technical Levels

At 1.5160, the immediate resistance is seen at 1.5193 (daily high)-1.52 levels, followed by a major hurdle at 1.5248 (50% of Apr-June rally). On the other side, support is seen at 1.5135 (Sep 25 low) and 1.51 levels.

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