OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD nears 1.52 ahead of Fed speak

FXStreet (Mumbai) - The GBP/USD pair was unimpressed by the weekly jobless claims data and continues to trade near the upper end of a 25-pip range of 1.5175-1.52 established in the European session.

Eyes Fed speak

The weekly US initial jobless claims remained steady at 276K, compared to the expected drop to 270K. However, the markets did not react much to the slightly weaker-than-expected data. The attention now shifts to the speech from the fed officials.

The main event for the day is the Fed’s Yellen speech. The December rate hike is widely considered as a done deal. Still, markets would be focused on the tone of Yellen’s comments, which could provide a hint at the size of the lift-off (25bps or less than 25bps).

At the moment, the pair is trading within a touching distance from 1.52 handle.

GBP/USD Technical Levels

At 1.5195, the immediate resistance is seen at 1.5207 (38.2% of last week’s drop), above which the pair could rise to 1.5248 (50% of Apr-Jun rally). A break above would expose 1.5315 (50-DMA). On the other side, a break below 1.5163 (Sep 4 low) would open doors for a re-test of 1.5138 (23.6% of last week’s drop).

EUR/USD muted post-US data, near 1.0730

The common currency has paid little attention to the US releases today, leaving EUR/USD practically unchanged in the 1.0730 area...
Read more Previous

Gold falls to fresh 3-month lows

The yellow metal is facing strong selling pressure on Thursday, as most commodities, with spot having fallen to fresh 3-month lows as investors await speeches from several Fed members, including Chair Yellen for further signs on the likelihood of a December rate hike.
Read more Next
Start livechat