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GBP/USD falls to 2-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD stretched to fresh 2-week lows as the dollar strengthened at the beginning of the New York session following upbeat economic data.

    The pound came under renewed pressure after an upside attempt was capped by the 1.4340 zone during the European trade. GBP/USD pushed even lower following better-than-expected US industrial production data (+0.9% vs +0.4% exp) and hit a low of 1.4234, last seen Feb 1. At

    At time of writing, GBP/USD is trading at 1.4263, still down 0.27% on the day, as investors attention turns to the last FOMC meeting minutes to be published at 19:00 GMT.

    GBP/USD levels to watch

    As for technical levels, short-term supports are seen at 1.4227 (Feb 1 low), 1.4148 (Jan 29 low) and 1.4078 (Jan 21 low). On the other hand, next resistances line up at 1.4390 (10-day SMA), 1.4449 (200-hour SMA) and the 1.4515/20 zone (Feb 16 high/38.2% retracement of Dec-Jan 1.5239-1.4078 fall).
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