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GBP/USD breaks above 1.4400 and posts fresh 2-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD rallied on Monday with the pound among the best performers, having broken above 1.4400 level and reached fresh 2-week highs during the American afternoon.

    GBP/USD has climbed nearly 200 pips throughout the day and reached a peak of 1.4440, last seen Jan 13. At time of writing, the pair is trading at 1.4438, recording a 1.32% gain on the day.

    Cable seems to have found an interim bottom at 1.4078, where it hit a 7-year low on Jan 21 before starting correcting higher.

    GBP/USD levels to watch

    In terms of technical levels, next resistances could be faced at 1.4440 (Feb 1 high) and 1.4475 (Jan 13 high) and 1.4559 (Jan 12 high). On the flip side, supports are seen at 1.4170 (Jan 29 low) 1.4124 (Jan 20 low) and then 1.4078 (7-year low, Jan 21).
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