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GBP/USD backs away from 1.4900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD turned lower and retraced daily gains after being rejected by the 1.4900 level at the beginning of the American session.

    Despite a negative revision to UK GDP, GBP/USD managed to advance on Wednesday, although the upside was capped by the 1.49 mark, putting the pair back under pressure as the US dollar also benefitted from better-than-expected durable goods orders.

    With the setback contained by the 1.4860 area, Cable is currently trading at 1.4870, still up 0.3% on the day, but not far from its 8-month low scored on Tuesday at 1.4804.

    GBP/USD technical levels


    As for technical levels, next resistances are seen at the 1.4900/06 area (psychological level/Dec 22 high), next resistances are seen at 1.4949 (Dec 18 high) and 1.4995 (10-day SMA). On the flip side, supports could be found at 1.4804/00 (Dec 22 low/psychological level) and not much until 1.4700 (Apr 15 low/psychological level).
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