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GBP/USD extends losses, on its way to Friday’s low?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The minor recovery seen in the GBP/USD pair faltered near 1.4510 region and the prices once again witnessed heavy selling, tracking renewed weakness in the oil prices.

    GBP/USD back below 1.45 handle

    The GBP/USD pair trades -0.20% lower at fresh session lows of 1.4474, having faced stiff resistance at 1.4510 levels. The offered tone surrounding the GBP/USD pair grew bigger over the last hours as risk-off sentiment intensified, with oil prices resuming the downtrend and the European equities being heavily sold-off.

    The major also completely ignored the broad USD selling, as the oil price action continued to dominate the holiday-thinned markets. While a lack of fresh fundamentals also fail to provide any impetus to the cable.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4545/47 (5-DMA/ daily high), above which 1.4600 (round number) would be tested. On the flip side, support is seen at 1.4450/42 (Feb 2 Low/ 10-DMA) below which it could extend losses to towards 1.4412(1h 200-SMA).
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