Friday, November 20, 2015

GBP/USD rejected at 1.53 in Asia

FXStreet (Mumbai) - The GBP/USD pair was rejected at 1.5298 in Asia after having failed to sustain above 50-DMA, but remains resilient around 1.5285 levels.

GBP resilient to weak data?

The cable clocked a high of 1.5336 on Thursday even though the UK Oct retail sales were reported lower than estimates. Sterling did suffer quick fire losses immediately after the data, but recovered sharply by NY session.

Moreover, the USD failed to cheer the upbeat Philly Fed and US initial jobless claims data, as the currency sees profit taking after the Fed minutes turned out to be a non-event. With no major data due for release today, the pair remains at the mercy of the overall demand for the US dollars.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5303 (50-DMA), above which the pair could test 1.5339 (200-DMA). On the other side, support is seen at 1.5248 (50% of Apr-Jun rally), under which the pair could drop to 1.52 levels.
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