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GBP/USD closer to 1.44 ahead of EU Summit

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD keeps pushing higher on Thursday, eyeing the 1.44 handle as market participants have shifted their attention to the upcoming EU Summit.

    GBP/USD stronger on deal hopes

    The pair has braced daily highs around 1.4370 in response to rising expectations of a deal between PM D.Cameron and the rest of his European peers at the 2-day Summit kicking in today in Brussels, all in light of the June referendum in the UK.

    In addition, sterling has found extra wings on comments by BoE’s J.Cunliffe while it keeps deriving support from the downside in EUR/GBP.

    GBP/USD levels to consider

    As of writing the pair is up 0.65% at 1.4382 facing the next hurdle at 1.4399 (20-day sma) followed by 1.4522 (38.2% Fibo of 1.5240-1.4079) and finally 1.4621 (55-day sma). On the other hand, a breach of 1.4200 (psychological level) would aim for 1.4171 (low Jan.26) and then 1.4147 (low Jan.29).
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