GBP/USD clings to daily gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The pound has been recovering ground against a softer greenback on Monday, with GBP/USD reaching 6-day highs at the 1.4250 area.

    The British currency is among the best performers of the day, posting decent gains versus the yen and the euro as well. As for Cable, the pair has risen more than 100 pips throughout the day and scored a peak of 1.4250 before pausing the advance. At time of writing, GBP/USD is trading at 1.4237, up 0.89% on the day.

    Data-wise, in the absence of major releases, the main focus will remain on the Federal Reserve closed meeting where the Board will discuss the advance and discount rates.

    GBP/USD levels to watch

    In terms of technical levels, next resistances could be found at 1.4250 (daily high), 1.4278 (Apr 5 high) and 1.4320 (Apr 4 high). On the other hand, supports are seen at 1.4105/00 (Apr 11 low/psychological level), 1.4040 (Apr 8 low) and 1.4004 (Apr 4 low).
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