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GBP/USD: bullish move stalled in Asia, trades below 1.44

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bullish move in the GBP/USD pair witnessed in the NY session yesterday stalled and the pair fell below 1.44 levels in Asia today, but remains well above 1.4351 (23.6% of 1.5270-1.4079).

    Eyes UK construction PMI

    Investors await the UK construction PMI, which is expected to show the pace of construction sector growth remained largely unchanged in January. Today’s report will be followed by the service sector PMI release tomorrow.

    Meanwhile, across the pond, the data calendar is light. Fed’s George is scheduled to speak and possible comments over the next move in rates could create some volatility in the markets.

    GBP/USD Technical Levels

    The spot is hovering around 1.4390. A break above the immediate resistance at 1.4445 (previous day’s high) would open doors for a rise to 1.4476 (strong resistance on the hourly chart), which if taken out could see the pair test 4516 (23.6% of 1.5930-1.4079). On the other hand, the pair could find immediate support at 1.4351 (23.6% of 1.5230-1.4079) could see the pair drop to 1.4324 (5-DMA). A break lower would expose 1.4292 (10-DMA).
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