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GBP/USD falls below 1.4200 for first time since March 2009

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The British pound has continued to fall over the last hours, breaking below the 1.4200 level for first time since March 2009.

    Following comments from BoE Governor Carney saying ‘now it’s not the time for a rate hike’, GBP/USD came under renewed pressure and breached the 1.4230 key support area and the 1.4200 psychological level, accelerating to a low of 1.4152 in recent dealings. At time of writing, the pair is trading at 1.4170, recording a 0.49% loss on the day.

    From a wider view, GBP/USD has lost more than 7% over the last month, having fallen 19 out of the last 24 trading days.

    GBP/USD levels to watch

    On the downside, next supports are seen now seen at 1.4110 (Mar 30 2009 low) and 1.3843 (Mar 18 2009 low). On the other hand, immediate resistances could be found at 1.4339 (Jan 19 high), 1.4400 (psychological level) and 1.4426/29 (Jan 15 high10-day SMA).
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