GBP/USD sideways/ better offered towards 2016

FXStreet (Guatemala) – GBP/USD oscillates in a sideways drift as markets wind down for the New Year celebrations with Asia out as of today and European and the US closing for the week tomorrow.

The major has been better offered this week with sentiment for a divergence between the Fed and BoE after a build up towards the end of this year of speculation that the BoE were close to hiking rates for sometime in H1. Instead, the focus remains with oil and the Fed and next year will start with the FOMC minutes and Nonfarm Payrolls as the key data events to look out for.

GBP/USD levels

Technically, the support that was at 1.4860 was regarded as the last defence for the 1.4577 April low as according to Karen Jones, chief analyst at Commerzbank. “Currently intraday Elliott counts suggesting that rallies are likely to remain capped by 1.4990 – for now we will take profit on our shorts. Key short term resistance is the 1.5273 resistance line and the 200 day ma at 1.5323.”

GBP/USD oscillates in a sideways drift as markets wind down for the New Year celebrations with Asia out as of today and European and the US closing for the week tomorrow.

(Market News Provided by FXstreet)