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GBP/USD erases early gains and turns negative

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD gave up intraday gains and returned to the starting point during the New York session as a firm reading of US retail sales lifted the greenback across the board.

    GBP/USD slid back below 1.4500 and hit a fresh daily low of 1.4440 in recent dealings despite below expectations US consumer confidence data for February (90.7 vs 92.3 exp). At time of writing, the pair is trading at 1.0445, 0.20% below its opening price, having been as high as 1.4533 during the European session.

    GBP/USD technical levels

    As for technical levels, immediate resistances are seen at 1.4533 (Feb 12 high), 1.4577 (Feb 10 high), 1.4657 (50% retracement of Dec-Jan 1.5239-1.4078 fall) and 1.4680 (Jan 6 high). On the downside, supports could be found at 1.4383 (Feb 11 low), 1.4354/51 (20-day SMA/feb 8 low) and 1.4325 (Feb 2 low).
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