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GBP/USD briefly drops below 1.4900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The pound has cut some of its Friday’s gains versus the dollar, rejected once again by the 1.4940-50 resistance area in thin trading conditions.

    GBP/USD pulled back from a peak of 1.4944 and slid briefly below the 1.49 mark before the 50-hour SMA offered support. Having bottomed out at 1.4895, Cable is currently trading at 1.4903, virtually unchanged on the day.

    The British pound has underperformed once again versus a weaker dollar in the absence of top-tier data or fundamental events.

    GBP/USD technical levels

    As for technical levels, next supports could be found at 1.4859 (Dec 24 low), 1.4804/00 (Dec 22 low/psychological level) and 1.4700 (Apr 15 low/psychological level). On the flip side, resistances are seen at 1.4938-49 area (10-day SMA/Dec 24 & 18 highs), and 1.5000 (psychological level) and 1.5017 (21-day SMA).
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