GBP/USD gyrates 1.51 handle, eyes Carney speech

7 December 2015, 08:32
sathish kumar
The GBP/USD is trading around 1.51 handle as investors digest the increased probability of a Fed liftoff at the Dec 16 Fed meeting and await comments from the BOE’s Carney.

Rejected at Key fib

The pair was rejected at 1.5115 (50% of 1.5336-1.4895) in Asia today after closing below the same on Friday. Friday’s upbeat US non-farm payroll report is keeping the USD mildly bid ahead of the European opening bell.

Given the empty UK economic calendar, the focus is likely to be on BOE Carney’s speech. Investors would be interested to see if Carney comments on the possibility of the BOE liftoff in 2016.

GBP/USD Technical Levels

At 1.5120, the immediate support is seen at 1.5077 (10-DMA) and 1.5063 (38.2% of 1.5336-1.4895), under which the losses could be extended
to 1.50 handle. On the other hand, a break above 1.5115 (50% of 1.5336-1.4895) would expose 1.5164 (Sep 4 low) and 1.5208 (4-hr 200-MA).
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