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GBP/USD collapses to 1.4100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The selling interest is picking up pace around the sterling, taking GBP/USD to fresh multi-year lows in the boundaries of 1.4100 the figure.

    GBP/USD lower on Brexit fears

    Mounting concerns on the possibility of a ‘Brexit’ scenario continue to hammer the British pound today, dragging spot to levels last seen in March 2009 and with increasing probabilities of breaking below the critical 1.4100 handle.

    Nothing scheduled today in the UK economy, while the ECB meeting could add further pressure via EUR volatility and its impact on EUR/GBP. Next of relevance for the pair will be tomorrow’s Retail Sales and UK’s Public Sector finances during November.

    GBP/USD key levels

    The pair is now losing 0.44% at 1.4108 with the next support at 1.4049 (monthly low Feb.2009) and then 1.4000 (psychological level). On the other hand, a breakout of 1.4443 (downtrend from 1.5232) would aim for 1.4543 (20-day sma) and finally 1.4888 (55-day sma).
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