CATEGORY GBP/USD

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GBP/USD back to square one

GBP/USD has spent the last hours consolidating around the 1.4600 level, after being rejected by fresh monthly highs following more upbeat comments from BoE Carney in BoE Super Thursday and softer-than-expected US data.GBP/USD retreated from a peak of 1…

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GBP/USD Death Cross on major time frame

We had the proverbial “Death Cross” in GBP/USD, where the 100-day dipped below the 200-day SMA.

Caution is required when trading on a Death Cross signal, since contrarian traders may take contra-trend trading opportunities in the market. A noteworthy technical observation: the distance between recent highs and the crossover level has been less than three times the GBP/USD daily ATR(14), providing a selling opportunity to attack the key spot level in a corrective upside movement.

GBP/USD Death Cross on major time frame

(Market News Provided by FXstreet)

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GBP/USD climbs to fresh daily highs

FXStreet (Córdoba) – Following a short-lived intraday pullback, GBP/USD resumed the advance and posted fresh daily highs as the dollar weakened across the board over the last hours.

GBP/USD briefly dipped back the 1.51 mark, but found buyers soon after and climbed to a fresh daily peak of 1.5127 in recent dealings, coincidentally with a USD setback across the board. At time of writing, the pair is trading at 1.5125, recording a 0.33% gain on the day.

On the data front, a string of US data came in on the strong side with jobless claims and durable goods orders beating expectations and consumer confidence improving in November. Meanwhile, new home sales and personal income/spending rose in line with expectations.

GBP/USD supports and resistances

If GBP/USD breaks decisively above 1.5125, next resistances could be found at 1.5155 (Nov 24 high) and 1.5195 (Nov 23 high) followed by 1.5230 (21-day SMA). Meanwhile, immediate support levels are seen at 1.5055/50 (Nov 25 & 24 lows), 1.5026 (Nov 6 low) and 1.5000 (psychological level).

Following a short-lived intraday pullback, GBP/USD resumed the advance and posted fresh daily highs as the dollar weakened across the board over the last hours.

(Market News Provided by FXstreet)

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GBP/USD remains capped by 1.5500

FXStreet (Córdoba) – GBP/USD was rejected from daily highs above the 100-day SMA and pulled back to trade around opening levels as the dollar managed to trim some of its last sessions’ losses.

GBP/USD climbed above the 100-day SMA and reached its highest level in 10 days, but faltered a few pips ahead of the 1.55 mark. Having peaked at 1.5496, the pair is currently trading at the 1.5450 zone, virtually unchanged since opening.

On the data front, The Institute for Supply Management (ISM) manufacturing index for US dipped to 50.1 in October from 50.2 the previous month, but came in above the 50.0 expected. Still the reading was the lowest since May 2013. Meanwhile, US construction spending rose by 0.6% in September versus a 0.5% increase expected.

GBP/USD technical levels

On the downside, next supports are seen at 1.5422 (Nov 2 low), 1.5345 (200-day SMA) and 1.5305/00 (Oct 30 low/psychological level).On the upside, next resistances line up at 1.5483/96 (100-day SMA/Nov 2 high), 1.5507 (Oct 15 high) and 1.5567 (Sep 21 high).

GBP/USD was rejected from daily highs above the 100-day SMA and pulled back to trade around opening levels as the dollar managed to trim some of its last sessions’ losses.

(Market News Provided by FXstreet)

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GBP/USD attempts to recover from 2-week lows

FXStreet (Córdoba) – GBP/USD bottomed earlier at 1.5275, the lowest level since October 14 and then rebounded. Currently is gaining upside momentum as it climbs above 1.5300, where the hourly 20-MA stands. Currently it trades at 1.5300/05, marginally below the level it closed yesterday.

Many of crosses are trading in granges awaiting the outcome of the Fed meeting. GBP/USD traded all day so far in a range of less than 40 pips. Volatility is expected to pick up during the next hours.

GBP/USD between the Fed and BoE

The Federal Reserve is expected to leave rates unchanged today and most analysts also think that they will remain at current levels during the rest of the year. The statement will be watched closely and any indications that it could raise rates in December could boost the US dollar, pushing GBP/USD to the downside.

According to Dylan Eades from ANZ, “a period of consolidation beckons in the near-term for GBP/USD”. He sees the market sceptical of Mark Carney, BoE Governor, intentions to raise rates. But Eades also notes that the underlying economic fundamentals of the United Kingdom remain relatively encouraging.

GBP/USD bottomed earlier at 1.5275, the lowest level since October 14 and then rebounded. Currently is gaining upside momentum as it climbs above 1.5300, where the hourly 20-MA stands. Currently it trades at 1.5300/05, marginally below the level it closed yesterday.


(Market News Provided by FXstreet)

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