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GBP/USD breaks below 1.4400 and accelerates to the downside

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD reversed early gains and fell sharply, breaking below the 1.44 level to hit fresh 2-week lows at the beginning of the New York session as the pound is among the worst performers on Tuesday.

    GBP/USD made an upside attempt during the European trade but it was capped by 1.4515 and failed to hold above the 1.45 mark. Cable turned south, having dropped more than 150 pips over the last hours. GBP/USD hit a low of 1.4340 and it was last trading at 1.4360, recording a 0.55% loss on the day.

    GBP/USD levels to watch

    As for technical levels, immediate supports could be found at 1.4325 (Feb 2 low) and 1.4300 (psychological level). On the other hand, resistances are seen at 1.4515/20 (Feb 16 high/38.2% retracement of Dec-Jan 1.5239-1.4078 fall) 1.4569 (Feb 12 high) and 1.4577 (Feb 10 high).
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