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GBP/USD fades a spike to 1.4460, around 1hr 200-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The GBP/USD pair reverses a spike to daily highs and drifts lower near hourly 200-SMA at 1.4427 amid mixed sentiment persisting across the fx board.

    GBP/USD awaits fresh incentives

    The GBP/USD pair trades almost unchanged at 1.4430, quickly receding from fresh session highs of 1.4462. The major came under renewed selling pressure over the last hour and wiped-out gains to now revert towards 1.44 handle as the pound ignores the turnaround in the risk conditions, with the European stocks back in the green alongside the black gold.

    The cable manages to hold above 1.44 handle as markets now turn their attention towards the UK trade figures, which are expected to show narrowing trade deficit in Dec.The total trade deficit is expected to have narrowed further to £3 billion in December from an estimated £3.2 billion a month before. Apart from data, markets will also closely hear BOE MPC member Cunliffe’s speech due to be delivered later this session.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4467/89 (1h 50-SMA/ 5-DMA), above which 1.4500 (psychological levels) would be tested. On the flip side, support is seen at 1.4345/41 (20-DMA/ daily S1) below which it could extend losses to towards 1.4300 (round number).
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