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GBP/USD fails once again at 1.43, back around 1.4280

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair failed yet another attempt to hold above 1.43 handle and fell back in the negative territory as the London stocks look unimpressed by the oil price rebound.

    GBP/USD forms a doji candle stick on daily charts

    The GBP/USD pair trades 0.06% lower at 1.4382, heading towards session lows posted at 1.4258. The cable ran through fresh offers post-European open and turned negative again after the losses in the UK’s stocks dented the sentiment around the GBP. The UK’s FTSE drops -0.56% and slips below 6000 levels.

    Moreover, the GBP/USD pair turned cautious amid a data-dry UK docket, with all eyes remaining on the oil price action as oil continues to lead markets so far this year. Oil prices halted its rebound and are now seen trimming gains, which also appears to weigh on the risk sentiment somewhat.

    Next on tap, we have the US unemployment claims and Philly Fed manufacturing data due for release later in the day for further momentum on the pair.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4312/14 (daily high/ 1h 50-SMA), above which 1.4365 (5-DMA) would be tested. On the flip side, support is seen at 1.4233/24 (Feb 17 & 1 High) below which it could extend losses to towards 1.4150/47 (psychological levels/ Jan 29 Low).
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