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GBP/USD bounces from below 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD has bounced back to the 1.4250 area after briefly dipping below the 1.42 mark and hitting fresh daily lows.

    The greenback recovered ground versus European rivals at the beginning of the New York session and dragged GBP/USD to a low of 1.4195, however, Cable managed to climb back to positive ground for the day afterwards. At time of writing, Cable was trading at 1.4254, now 0.12% above its opening price.

    During the European session, the pound advanced beyond 1.4300 and marked an 11-day peak of 1.4347 propelled by better-than-expected UK CPI data.

    GBP/USD technical levels

    In terms of technical levels, immediate resistances could be found at 1.4370 (Apr 1 high), 1.4458 (Mar 30 high) and 1.4495 (100-day SMA). On the flip side, supports are seen at 1.4195 (Apr 12 low), 1.4105/00 (Apr 11 low/psychological level), 1.4040 (Apr 8 low) and 1.4004 (Apr 4 low).
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