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GBP/USD fades spike to 1.4530 as stock futures drop

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/USD pair jumped to 1.4528 before falling back to 1.4500 levels after the major European equity futures turned lower.

    Focus on stocks

    The economic calendar in UK is empty; hence the pair is at the mercy of the equity market sentiment. As of writing, the major European equity futures were pointing to a flat to negative opening. A drop in the equities could push the UK Gilt yields lower and weigh over Sterling.

    Later in the day, the US retail sales figure could influence the pair.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4519 (38.2% of 1.5230-1.4079), above which the spot could target 1.4578 (Feb 10 high). On the other hand, of the immediate support of 1.4443 (38.2% of 1.4079-1.4668) could see the spot drop to 1.44 levels.
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