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GBP/USD consolidates losses, worst day since late September

FXStreet (Córdoba) - GBP/USD moved off session lows during the last hours but is still falling almost a hundred pip from the level it closed yesterday, having the worst performance since September 23.

GBP/USD to test October lows?

The pair is trading at 1.5250/55 after bottoming at 1.5195. It bounced form the lows but still is headed toward the first daily close in a week, below the 20-day MA that stands at 1.5290.

Lower than expected inflation data from the United Kingdom and some dovish comments from Bank of England officials pushed the pound to the downside across the board. Tomorrow employment data from September will be released in the UK that is likely to affect the pound. In the US will be a busy day with the reports of inflation and retail sales and also the Beige Book.

Volatility in cable could rise on Wednesday. The pair on Tuesday declined sharply after finding resistance last week below 1.5400, area that has become a key level. On the downside an important support lies at 1.5165, ahead of the 1.5100 handle that capped the decline in late September, early October.

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Valeria Bednarik, chief analyst at FXStreet explained that in the US, FED's Bullard, and usual hawk, offered a speech saying that a lift-off is still appropriate, as the recent challenges are not significantly robust to guide the economic policy and offered an analyses of subsequent price action in EUR/USD and analyses.
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Shaun Osborne Chief FX Strategist at Scotiabank explained the conditions surrounding GBP/USD.
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