OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD: Above 1.52, at session highs

FXStreet (Mumbai) - The GBP/USD pair extended gains to a high of 1.5224 after flirting with the trend line support in Asia and Europe.

Trades at three-week high

At 1.5224, the pair trades at its highest since November 20th. The USD is being offered across the board ahead of the weekend, although the US retail sales; with the headline figure at 4-month high and a better-than-expected control group figure (included in GDP calculations); tilted to a positive side.

The USD weakness appears somewhat surprising since we are just four days away from the FOMC rate decision, where the bank is expected to announce a rate hike. It remains to be seen if the pair manages to latch on to gains above 1.52 ahead of the weekly closing or extends gains to a major resistance at 1.5248 (50% of Apr-Jun rally+38.2% of 1.5819-1.4895).

GBP/USD Technical Levels

The immediate resistance is located at 1.5248 (50% of Apr-Jun rally+38.2% of 1.5819-1.4895), above which the pair could target 1.5310 (Nov 20 high). On the other hand, a break below 1.52 would expose hourly 50-MA at 1.5168.

Insight into the ECB - BBH

Analysts at Brown Brothers Harriman noted that investors, fellow central bankers, and the media continue to try to make sense of last week's ECB surprise.
Read more Previous

United States Business Inventories registered at 0%, below expectations (0.1%) in October

United States Business Inventories registered at 0%, below expectations (0.1%) in October
Read more Next
Start livechat