Currency Analyst since 2010

GBP/USD: fight around $1.5500

GBP/USD is trying to stick to the 200-day MA and the psychological level of $1.5500. Sterling spiked down to $1.5426 on Wednesday, but then the bulls managed to limit the downside.

British consumer confidence rose to an almost 4-month high as showed by GfK sentiment index. The British Chambers of Commerce raised UK GDP growth forecast for this year from 0.9% to 1.3%. Mortgage approvals and house prices increased more than expected – good news, but net lending to individuals declined – that’s not very good.  Note that pound’s still is still reflecting the weakness generated by Governor Carney’s dovish comments and more bullish data out of the US earlier this week.

Support is at $1.5528, $1.5580, $1.5430, $1.5395, $1.5360. Resistance is at $1.5550, $1.5575, $1.5600, $1.5637.

Chart. H4 GBP/USD

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