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GBP/USD completes round-trip and erases daily losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Being the worst performers of the European session, the pound managed to take back intraday losses against the greenback and completed a round-trip to 1.40 ahead of the FOMC minutes.

    GBP/USD scored a 1-month low of 1.4004 and bounced, having recovered more than 150 pips over the last hours as the US currency came under strong selling pressure and reversed course, although without a clear fundamental trigger. At time of writing, Cable is trading at 1.4165, virtually unchanged on the day.

    GBP/USD levels to watch

    In terms of technical levels, next resistances are seen at 1.4169 (Apr 6 high), 1.4239 (10-day SMA) and 1.4278 (Apr 5 high). On the other hand, a break below 1.4000 would pave the way towards 1.3913 (Mar 2 low) and 1.3835 (2016 low, Feb 29).
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