The GBP/USD is trading very heavy in Asia, last at 1.5160 day lows, with the appreciation of the USD across the board to blame, as the conviction of the Fed raising rates in December increases. The pair is extending its decline from last Friday’s against a backdrop of increasing buying interest around the US dollar. The greenback will be in the limelight today, as market participants will remain vigilant on the Fed’s close meeting, expected during the European evening. Data wise in the UK, the most relevant event will be the Financial Stability Report on Thursday and advanced flash GDP figures during the third quarter (Friday).The pair is now losing 0.14% at 1.5171 with the immediate support at 1.5100 (psychological level) ahead of 1.5097 (23.6% Fibo of 1.5023-1.5336) and then 1.5023 (low Nov.6). On the other hand, a break above 1.5305 (55- day sma) would aim for 1.5336 (high Nov.19) and finally 1.5407 (100-day sma).
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5180 TARGET 1.5210 1.5240 SL 1.5150
SELL GBP/USD BELOW 1.5120 TARGET 1.5100 1.5070 SL 1.5150
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