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GBP/USD fails to hold above 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD failed to sustain gains above 1.4300 and pulled back from 1-week highs during the American afternoon.

    Cable extended its recovery from 7-year lows scored on Thursday despite disappointing UK retail sales figures, but it lost momentum and slid back below the 200-hour SMA (1.4295) after posting a high of 1.4361 earlier on the day.

    At time of writing, GBP/USD is trading at 1.4288, still up 0.49% on the day and poised to record three daily gains in a row for first time in two months. The pound is also on track for a weekly gain versus the dollar, the first in four.

    GBP/USD technical levels

    On the upside, immediate resistances are seen at 1.4361 (Jan 22 high), 1.4400 (psychological level) and 1.4426 (Jan 15 high). On the other hand, supports could be found at 1.4203/00 (Jan 22 low/psychological level) and 1.4078 (7-year low, Jan 21).
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