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GBP/USD extends losses to fresh 7-year lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD came under renewed pressure and dropped to fresh 7-year lows during the American session following an unsuccessful recovery attempt witnesses during the European session.

    GBP/USD found resistance at the 1.4150 region and turned lower, accelerating the decline over the last hours to struck a low of 1.4015, last seen March 2009. The drop lost momentum ahead of the 1.40 mark and Cable is currently trading at 1.4023, recording a 0.88% loss on Tuesday.

    Fears of a Brexit continue to weigh on the pound as PM Cameron scheduled a referendum for June 23rd to vote whether UK citizens want to stay in or leave the European Union. Growing uncertainty ahead of the vote might keep the currency vulnerable.

    GBP/USD levels to watch

    As for technical levels, immediate supports are seen at 1.4000 (psychological level), 1.3843 (March 18 2009 low) and 1.3653 (monthly low March 2009). On the other hand, short-term resistances could be found at 1.4155 (Feb 23 high), 1.4234 (Feb 17 low) and 1.4305 (Feb 22 high).
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