OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD finds support at lower end of the trading range

FXStreet (Mumbai) - The GBP/USD pair was offered in early Europe on Tuesday, but managed to find support around the lower end of the 4-day trading range of 1.5410-1.5510.

Focus on UK data

The pair awaits the data in the UK, which could show the public sector net borrowing dropped in September. The borrowing data would be followed by UK retail sales figure due tomorrow. The markets expect the figure to show consumer spending continued to tick higher in September.

Across the pond, the data calendar is empty, hence, sentiment on the Wall Street could set the tone in the FX markets in the NY session.

GBP/USD Technical Levels

At 1.5420, the immediate support is seen at 1.5410 (lower end of trading range – 1.5410-1.5510), under which the pair could drop to 1.5395 (50-DMA) – 1.5387 (Oct 13 high). A break below the same would open doors for a fall to 1.5328 (200-DMA). On the higher side, 1.5453 (5-DMA) could serve as immediate resistance, above which 1.55 handle could be tested.

BoC Preview: Status quo with downside risks for CAD - BNP

Research Team at BNP Paribas, are anticipating BoC to maintain status quo in today’s policy meet in line with market consensus and suggest that Monday’s election outcome should lead to further fiscal spending over the next three years, which would imply less need for monetary accommodation.
Read more Previous

Fed’s 2015 lift-off still on the table - Westpac

Richard Franulovich, Research Analyst at Westpac, suggests that the market implied odds for Dec lift-off have settled in the 30-35% range in recent sessions and barring a significant growth shock it seems unlikely that these odds will fall to zero.
Read more Next
Start livechat