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GBP/USD finds support at key fib, hovers near 1.51

FXStreet (Mumbai) - The GBP/USD surrendered part of its gains in early Europe to trade around 1.5095 levels ahead of the UK autumn statement and spending review.

Supported by Key fib

The pair found support at 1.5087 (61.8% of Apr-Jun rally), although the bounceback has been anything but strong as the cable continues to hover at 1.5090-1.5095. The immediate focus now is on the forward-looking economic comments at the UK autumn statement release.

Later today, the weekly jobless claims, personal spending and income report, and durable goods orders number could influence the Fed rate hike bets and impact overall demand for the US dollars.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5117 (hourly 50-MA)-1.5120 (23.6% of 1.5336-1.5053), above which the spot could re-test 1.5161 (38.2% of 1.5336-1.5053). On the other hand, a failure to sustain above 1.5087 would open doors for a re-test of 1.5053 (previous day’s low).

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