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GBP/USD attempting gains on upbeat UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/USD is attempting gains, but remains below 1.4443 (38.2% of 1.4079-1.4668) despite the larger-than-expected drop in the UK trade deficit figure.

    Gains capped by risk-off in equities

    The upside in the pair is being capped by the moderate drop in the major European equity markets. Still, the pair has managed to sustain above the 10-DMA located at 1.4422 levels on account of the data released in the UK, which showed the goods trade deficit fell to GBP 9.917 billion, compared to the expected figure of GBP 10.35 billion.

    With no major data due in the US today, the focus is likely to be on the broader market sentiment.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4443 (38.2% of 1.4079-1.4668), above which prices could target 1.4501 (5-DMA). On the other hand, a break below 1.4422 (10-DMA) would expose 1.4374 (50% of 1.4079-1.4668).
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