Tuesday, November 17, 2015

GBP/USD awaits key impetus from UK data

FXStreet (Guatemala) - GBP/USD is currently trading at 1.5203 with a high of 1.5235 and a low of 1.5180.

GBP/USD remains pressured below the 200 SMA on the daily chart at 1.5342 and recovery attempts have flattened with a lack of momentum into a phase of consolidation while markets are awaiting clarification this week that indeed upside pressures will follow through in the economy with retails sales and October CPI's. The consensus is that the Boe may be forced to start hiking rates next year and follow the US's lead in normalising their interest rate policies. The US brings us the FOMC minutes and CPI this week and these will also be key components that could kick the major into gear one way or the other.

GBP/USD levels

Technically, while trading below the pivot of 1.5228 the major is coming with a bearish bias and recoveries are short lived failing to get above the key 1.5220 resistance with pressures mounted at the 20 DMA at 1.5289 and just below R2 at 1.5305. Continued failures here will open up the 1.50 handle again.
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