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GBP/USD drops below 1.4200, hits 8-day low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD continued to fall during the American session, marking an over 200-pip slide from daily highs, to hit fresh its lowest level in 8 days.

    GBP/USD broke below the 1.4200 level and scored a low of 1.4170, last seen Dec 21, as the dollar continues to strengthen against major peers despite lackluster GDP figures. At time of writing, the pair was trading at 1.4185, still down 1.20% on the day.

    GBP/USD technical levels

    In terms of technical levels, next supports are seen at 1.4170 (Jan 29 low) and not much until 1.4078 (7-year low, Jan 21). On the flip side, next resistances could be faced at 1.4253 (200-hour SMA), 1.4366 (Jan 26 high), 1.4412 (Jan 29 high) and 1.4426 (JAn 15 high).
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