OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD: 1.5135 Fib resistance a tough one - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair came under increasing downside pressure and fell down to 1.5055 during the European morning, on broad dollar strength and fears a rate hike in the UK will be delayed beyond the first half of 2016.

Key Quotes:

"The Pound however, bounced as in the Autumn Forecast statement, the 2016 GDP growth forecast was raised to 2.4% from previous 2.3%, and the pair retook the 1.5100 level as investors profited their long dollars. Trading around its daily high by the end of the day, the 1 hour chart shows that the price is advancing now above a mild bullish 20 SMA, whilst the technical indicators head higher above their mid-lines, favoring some additional gains."

"In the 4 hours chart, the price is struggling to overcome a strongly bearish 20 SMA, while the technical indicators are about to cross their mid-lines towards the upside, still not confirming further gains.

The pair has an immediate Fibonacci resistance at 1.5135, the 23.6% retracement of its latest weekly decline, and it will take some follow through beyond it to confirm a rally up to the 1.5200 level."

Germany: Consumer saved German economy in Q3 - ING

Analysts at ING noted that the German GDP growth in Q3 was confirmed at 0.3% QoQ, mainly driven by domestic factors and was not the nightmare that markets had been predicting.
Read more Previous

Key events coming up: Aussie faces Capex - Westpac

Sean Callow. analyst at Westpac Banking corporation noted the key events taking place in the day ahead.
Read more Next
Start livechat