GBP/USD back above 1.46 as USD sell-off resumes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The offered tone around USD gathered pace once again in the European session, pushing the GBP/USD to a session high of 1.4622 levels.

    Rebounds from 1.4563

    The spot rebounded from the low of 1.4563 seen in early Europe. The sell-off in the USD began in the NY session after Fed’s Dudley said significant global downturn will hurt US. His comments were largely perceived as a sign the Fed may delay rate hike in the wake of the global turmoil.

    As of now, the spot is trading around 1.4616. The focus today is on the ‘Super Thursday’ events- BOE rate decision, Minutes and Quarterly Inflation Report, which will be followed by a Press conference.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4649 (previous day’s high), which if taken out shall open doors for a rally to 1.4712 (50-DMA). On the other hand, a break below 1.46 would open doors for a slide to the support zone of 1.4519-1.4515 (38.2% of 1.5230-1.4079 + 23.6% of 1.4079-1.4649).
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