FXStreet (Mumbai) – The rising demand for the US currency across the board, sparked renewed GBP/USD sell-off amid absence of no fresh triggers in European session.
GBP/USD drops further below daily pivot
The GBP/USD pair trades -0.24% lower at 1.5091, having posted fresh session lows at 1.5087 last minutes. The US dollar regained lost momentum and resumed its ongoing bullish run against its major competitors, sending GBP/USD further below 1.51 handle.
The pound turned back in the red after the UK’s Autumn forecasts-led robust recovery, as the recent dovish comments from BOE officials continue to haunt investors’ minds while the Fed is moving towards the first rate hike in almost a decade next month.
In the day ahead, GBP/USD is likely to trade lack-lustre both UK and European markets aren’t expected to provide much in terms of fundamental drivers, while the US starts the Thanksgiving holiday. While attention now turns to the UK GDP figures due tomorrow.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5123 (5-DMA), above which 1.5174 (10-DMA) would be tested. On the flip side, support is seen at 1.5051 (Nov 24 Low) below which it could extend losses to 1.5038 (Nov 9 Low).
(Market News Provided by FXstreet)