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11 Dec 2015
GBP/USD on rise after US data
FXStreet (Mumbai) - The GBP/USD pair has taken out the resistance at 1.5167 (61.8% of 1.5336-1.4895) after the release of the mixed batch of US data.
Eyes 1.52 handle
The pair is now eyeing 1.52 as investors offer USD amid falling treasury yields. The November US retail sales missed estimates, but clocked a 4-month high. Meanwhile, the producer price index rose more than expected, but lost importance due to the latest drop in oil prices.
At 1.5174, the pair is poised to end the higher for the second week. Prices clocked a low of 1.4895 last week and bounced off from 1.4957 earlier this week.
GBP/USD Technical Levels
Above 1.5167 (61.8% of 1.5336-1.4895) the pair is eyeing 1.52 handle. A break higher could see the pair target a major hurdle at 1.5248 (50% of Apr-Jun rally+38.2% of 1.5819-1.4895). On the other hand, support is seen at 1.5161 (hourly 50-MA), under which the pair could revisit previous day’s low at 1.5113.
Eyes 1.52 handle
The pair is now eyeing 1.52 as investors offer USD amid falling treasury yields. The November US retail sales missed estimates, but clocked a 4-month high. Meanwhile, the producer price index rose more than expected, but lost importance due to the latest drop in oil prices.
At 1.5174, the pair is poised to end the higher for the second week. Prices clocked a low of 1.4895 last week and bounced off from 1.4957 earlier this week.
GBP/USD Technical Levels
Above 1.5167 (61.8% of 1.5336-1.4895) the pair is eyeing 1.52 handle. A break higher could see the pair target a major hurdle at 1.5248 (50% of Apr-Jun rally+38.2% of 1.5819-1.4895). On the other hand, support is seen at 1.5161 (hourly 50-MA), under which the pair could revisit previous day’s low at 1.5113.