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GBP/USD climbs to 2-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD gathered momentum and rose to fresh 2-week highs as the greenback continued to weaken across the board during the American session.

    Cable reversed early losses and having gained more than 140 pips over the last hours, it recently peaked at 1.4282, with no clear catalyst for the bout of USD selling. At time of writing, GBP/USD is trading at 1.4268, up 0.32% on the day and on track to post its sixth consecutive daily rise in a row.

    GBP/USD levels to consider

    As for technical levels, immediate resistances could be found at 1.4305 (Feb 22 high), 1.4362 (50-day SMA) and 1.4393 (Feb 18 high). On the flip side, supports are seen at 1.4133 (Mar 7 low), 1.4106 (Mar 4 low) and 1.4038 (Mar 3 low).
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