GBP/USD back to square one

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:
    GBP/USD has spent the last hours consolidating around the 1.4600 level, after being rejected by fresh monthly highs following more upbeat comments from BoE Carney in BoE Super Thursday and softer-than-expected US data.

    GBP/USD retreated from a peak of 1.4667 to a session low of 1.4560, but lost momentum either side of the board and was left directionless in a range over the last hours. At time of writing, Cable is trading at 1.4585, just a few pips below its opening price.

    GBP/USD briefly rose, but was unable to consolidate above the 50.0% Fibo retracement of its December-January decline between 1.5239 and 1.4078.

    GBP/USD levels to watch

    As for technical levels, next resistances are seen at 1.4667 (Feb 4 high), 1.4700 (psychological level) and 1.4722 (50-day SMA). On the downside, supports could be found at 1.4528 (Feb 4 low), 1.4383 (Feb 3 low), 1.4355 (20-day SMA), 1.4325 (Feb 2 low) and 1.4227 (Feb 1 low).
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