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GBP/USD: bears in control, drops below 1.44

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD remains firmly in the grip of bears as it failed to take out the hourly 50-MA in Asia and now has dipped below 1.44 levels.

    Eyes US data

    The UK economic calendar is empty; hence the pair remains at the mercy of the overall market sentiment in Europe. Later in the day, the US advance retail sales number would throw a light on whether the consumption ticked higher during the festive season.

    The US retail sales number may later March Fed rate hike bets and influence the overall demand for the US dollar. The pair currently trades around 1.4395; down 0.14% on the day.

    GBP/USD Technical Levels

    At 1.4410, the spot faces immediate resistance at 1.4416 (hourly 50-MA), above which the technical recovery could be extended to 1.4459 (hourly 100-MA). On the other side, a break below the daily low of 1.4391 would open doors for a re-test of 1.4372 (76.4% of Jan 2009 low-July 2014 high).
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