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GBP/USD accelerates to fresh daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD came under renewed pressure and dropped to fresh daily lows as the US dollar picked up pace across the board.

    GBP/USD fell to a daily low of 1.4424 but found support and recovered a few pips over the last minutes. In the absence of economic events and with liquidity below average due to the US Presidents' Day, pairs are expected to keep the recent ranges. At time of writing, GBP/USD was trading at 1.4450, down 0.32% on the day.

    GBP/USD technical levels

    As for technical levels, immediate supports could be found at 1.4383 (Feb 11 low), 1.4370 (20-day SMA), 1.4351 (Feb 8 low) and 1.4325 (Feb 2 low). On the other hand, resistances are seen at 1.4569(Feb 12 high), 1.4577 (Feb 10 high), 1.4657 (50% retracement of Dec-Jan 1.5239-1.4078 fall) and 1.4680 (Jan 6 high).
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