Thursday, November 12, 2015

GBP/USD sees sharp turnaround on EUR/GBP selling

FXStreet (Mumbai) - The GBP/USD pair witnessed a sharp turnaround from the session lows near 1.5170 on the back of a selling in the EUR/GBP cross.

Back near 1.52

The spot is back near 1.52 handle after having hit a low of 1.5174. The selling in the EUR/GBP cross gathered pace after the ECB President Draghi sounded worried over core inflation and talked up December easing bets.

The sell-off in the EUR/GBP helped the cable recover from the daily lows to trade near 1.52 handle. Still, the bears appear to be in control as the pair failed to sustain above key technical levels earlier today.

GBP/USD Technical Levels

At 1.5190, the immediate resistance is seen at 1.5207 (38.2% of last week’s drop), above which the pair could rise to 1.5248 (50% of Apr-Jun rally). A break above would expose 1.5315 (50-DMA). On the other side, a break below 1.5163 (Sep 4 low) would open doors for a re-test of 1.5138 (23.6% of last week’s drop).
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