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GBP/USD extends decline below 1.4300

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD has continued to move lower at the beginning of the New York session, leaving several support levels behind, as the pound continues to underperform across the board.

    GBP/USD weakened broadly and has lost more than 200 pips over the last hours, sliding toward a low of 1.4275 in recent dealings. The pound was weighed by disappointing UK retail sales data and a resumption of risk aversion.

    At time of writing, GBP/USD was trading at 1.4296, down 0.93% on the day, having been as high as 1.4515 at one stage.

    GBP/USD levels to watch

    As for technical levels, immediate supports could be found at 1.4275 (Feb 16 low), 1.4227 (Feb 1 low) and 1.4148 (Jan 29 low).. On the flip side, resistances are seen 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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