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24 Dec 2014
GBP/USD recovery falters, enters holiday lethargy
FXStreet (Córdoba) - The dollar has cut some of yesterday's gains versus major competitors and entered a consolidation phase Wednesday in extremely thin market conditions.
GBP/USD managed to recover from fresh 2014 lows sub-1.5500 but the bounce was capped by the 50-hour SMA confining the Cable to a phase of consolidation. At time of writing, the pair is trading at 1.5540, still up 0.16% on the day.
On Tuesday contrasting GDP figures in UK and US pushed GBP/USD to a fresh 16-month low of 1.5485.
US jobless claims declined to 280K from 289K the previous week and down from the 290K expected.
GBP/USD levels to watch
As for technical levels, next resistances are seen at 1.5555 (daily high), 1.5607 (Dec 23 high) and 1.5660 (21-day SMA). On the flip side, support could be found at 1.5485 (2014 low Dec 23) and 1.5462 (Aug 30 2013 low).
GBP/USD managed to recover from fresh 2014 lows sub-1.5500 but the bounce was capped by the 50-hour SMA confining the Cable to a phase of consolidation. At time of writing, the pair is trading at 1.5540, still up 0.16% on the day.
On Tuesday contrasting GDP figures in UK and US pushed GBP/USD to a fresh 16-month low of 1.5485.
US jobless claims declined to 280K from 289K the previous week and down from the 290K expected.
GBP/USD levels to watch
As for technical levels, next resistances are seen at 1.5555 (daily high), 1.5607 (Dec 23 high) and 1.5660 (21-day SMA). On the flip side, support could be found at 1.5485 (2014 low Dec 23) and 1.5462 (Aug 30 2013 low).