Wednesday, November 25, 2015

GBP/USD: Recovery halts above 1.51 ahead of UK autumn statement

FXStreet (Mumbai) - The GBP/USD, at 1.5105, is struggling to extend recovery ahead of the UK autumn statement and spending review due today.

Stalls near key fib level

The momentum stalled in Asia as the pair neared 1.5120 (23.6% of 1.5336-1.5053). Traders would watch out Osborne’s comments over the UK economy. Carney and Co maintained their cautious tone yesterday and markets believe Osborne is likely to follow them today.

Later in the day, the cable could witness action on the batch of US data – durable goods orders, weekly jobless claims, personal spending and income report.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5117 (hourly 50-MA)-1.5120 (23.6% of 1.5336-1.5053), above which the spot could re-test 1.5161 (38.2% of 1.5336-1.5053). On the other hand, a failure to sustain above 1.51 would open doors for a re-test of 1.5053 (previous day’s low).
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