20 Jan 2015
GBP/USD extends the correction lower
FXStreet (Edinburgh) - The sterling is now losing the grip vs. the US dollar, dragging GBP/USD back to the 1.5165/60 region.
GBP/USD capped by 1.5200
The pre-BoE upside gained momentum after spot bottomed out around 1.5060 in early trade, managing to climb as high as the boundaries of the critical barrier at 1.5200, just to fall afterwards to current levels. Key labout market results in the UK economy are due tomorrow, with consensus expecting the Claimant Count Change to decrease by 25.0K and the jobless rate to have ticked lower to 5.9% in the three months ended in November.
GBP/USD levels to consider
As of writing the pair is up 0.35% at 1.5168 facing the initial hurdle at 1.5200 (high Jan.20) followed by 1.5267 (high Jan.15) and then 1.5270 (high Jan.14). On the downside, a break below 1.5058 (low Jan.20) would aim for 1.5034 (18-m low Jan.8) and finally 1.5028 (low Jul15 2013).
GBP/USD capped by 1.5200
The pre-BoE upside gained momentum after spot bottomed out around 1.5060 in early trade, managing to climb as high as the boundaries of the critical barrier at 1.5200, just to fall afterwards to current levels. Key labout market results in the UK economy are due tomorrow, with consensus expecting the Claimant Count Change to decrease by 25.0K and the jobless rate to have ticked lower to 5.9% in the three months ended in November.
GBP/USD levels to consider
As of writing the pair is up 0.35% at 1.5168 facing the initial hurdle at 1.5200 (high Jan.20) followed by 1.5267 (high Jan.15) and then 1.5270 (high Jan.14). On the downside, a break below 1.5058 (low Jan.20) would aim for 1.5034 (18-m low Jan.8) and finally 1.5028 (low Jul15 2013).