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GBP/USD breaches hourly 100-SMA support, near 1.4460

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The selling interest around the GBP is seen picking-up pace towards early Europe, sending GBP/USD to fresh session lows below hourly 100-SMA.

    GBP/USD upside capped by hourly 200-SMA at 1.4486

    The GBP/USD pair trades 0.09% lower near fresh session lows of 1.4460, having faced rejection just few pips short of 1.45 handle. The cable keeps pushing lower as we head towards the early European trades as market sentiment remains mixed amid rebounding oil prices on one hand, and falling Asian equities on the other.

    Risk-averse market conditions continue to haunt investors as looming financial market uncertainties diminished the appetite for the risk currency GBP. In the day ahead, in absence of significant macro data from the UK docket, the sentiment on the equities will continue to dominate ahead of the US retail sales and consumer sentiment numbers.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4486/1.4500 (1h 200-SMA), above which 1.4547/ 45 (Feb 8 High/ 50-DMA) would be tested. On the flip side, support is seen at 1.4400/1.4392 (round number/ 20-DMA) below which it could extend losses to towards 1.4351 (Feb 8 Low).
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