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GBP/USD tumbles to lows

GBPUSD-tumbles-to-low-after-OBRs-weaker-economic-outlook_FXPIG

•  OBR lowers growth forecasts for 2017/18/19.   

•  Modest USD recovery adds to downward pressure.   

•  US durable goods orders next, focus remains on FOMC minutes.

The GBP/USD pair once again failed to break through 50-day SMA barrier and touched a fresh session low level of 1.3213 in the last minute.

The pair now seems to have stalled its recent upward trajectory and came under some selling pressure after the UK government, in its Autumn Forecast Statement, lowered country's economic growth forecasts for 2017/18/19.

Meanwhile, a modest US Dollar recovery, supported by a rebound in the longer-tenure US Treasury bond yields, further collaborated to the pair's retracement over the past hour or so.

The downside, however, seemed cushioned by investors' reluctance to place aggressive bets ahead of the highly anticipated FOMC meeting minutes. In the meantime, the release of US durable goods orders data, due in a short while from now, would also be looked upon for some short-trading impetus. 

Technical levels to watch

A follow-through retracemen below the 1.3200 handle would pave way for extension of the pair's rejection slide towards 1.3170-65 horizontal support en-route the 1.3115-10 region. 

On the upside, the 1.3255-60 region now seems to have emerged as immediate strong hurdle, above which the pair is likely to surpass the 1.3300 handle and test its next hurdle near the 1.3320 level.

Source:fxstreet.com

•  OBR lowers growth forecasts for 2017/18/19.   

•  Modest USD recovery adds to downward pressure.   

•  US durable goods orders next, focus remains on FOMC minutes.

The GBP/USD pair once again failed to break through 50-day SMA barrier and touched a fresh session low level of 1.3213 in the last minute.

The pair now seems to have stalled its recent upward trajectory and came under some selling pressure after the UK government, in its Autumn Forecast Statement, lowered country's economic growth forecasts for 2017/18/19.

Meanwhile, a modest US Dollar recovery, supported by a rebound in the longer-tenure US Treasury bond yields, further collaborated to the pair's retracement over the past hour or so.

The downside, however, seemed cushioned by investors' reluctance to place aggressive bets ahead of the highly anticipated FOMC meeting minutes. In the meantime, the release of US durable goods orders data, due in a short while from now, would also be looked upon for some short-trading impetus. 

Technical levels to watch

A follow-through retracemen below the 1.3200 handle would pave way for extension of the pair's rejection slide towards 1.3170-65 horizontal support en-route the 1.3115-10 region. 

On the upside, the 1.3255-60 region now seems to have emerged as immediate strong hurdle, above which the pair is likely to surpass the 1.3300 handle and test its next hurdle near the 1.3320 level.

Source:fxstreet.com

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