This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
GBP/USD eyes $1.5250
The $1.52 level continues to hold as support, carrying on the pattern of the past five sessions. So long as the buyers continue to hold this line then we look towards $1.5250 and then $1.5280.
If a close below $1.52 occurs in coming sessions then support is likely near Tuesday’s lows at $1.5167, and then on towards the November low at $1.5050.
It is important to remember that cable is still stuck in a descending channel, so as long as this prevails the downside would appear to have the upper hand.