GBP/USD comfortable below 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD stabilized at daily lows sub-1.4300 after facing a turnaround and falling almost 250 pips from daily highs given broad dollar strength and disappointing UK data.

    GBP/USD failed to sustain above 1.4500 and turned south, breaking below several support levels to finally find support at the 1.4275 zone. Cable has spent the last hours within a slim range capped by 1.4515, and it was last trading at 1.4290, down 0.97% on the day.

    On Wednesday, investors will be watching UK employment figures with the unemployment rate expected to fall to 5.0 over the December quarter, while January claimant count is expected to drop by 3,000.

    GBP/USD levels to watch

    As for technical levels, short-term supports are seen at 1.4275 (Feb 16 low), 1.4227 (Feb 1 low) and 1.4148 (Jan 29 low). On the other hand, immediate resistances line up at 1.4515/20 (Feb 16 high/38.2% retracement of Dec-Jan 1.5239-1.4078 fall) 1.4569 (Feb 12 high) and 1.4577 (Feb 10 high).
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