GBP/USD climbs to 11-day high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The pound has continued to move higher during the American afternoon, reaching an 11-day high versus the greenback.

    GBP/USD rose above last week’s peak and marked its highest level since Jan 15 at 1.4366, extending its recovery from multi-year lows scored on Thursday. The upside move was helped by better sentiment on the back of oil’s comeback. At time of writing, GBP/USD is trading at 1.4347, up 0.70% on the day.

    The British currency shrugged-off dovish remarks from BoE Governor, Mark Carney, who repeated on Tuesday that conditions are not in place for a rate hike and added that the bank could even cut rates if needed.

    GBP/USD technical levels

    On the upside, immediate resistances are seen at 1.4400 (psychological level) and 1.4461 (20-day SMA). On the other hand, supports could be found at 1.4172 (Jan 26 low) and 1.4078 (7-year low, Jan 21).
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