GBP/USD finds bids again below 1.44

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/USD pair found bids again below 1.44 levels and now trades around 10-DMA at 1.4422 levels.

    Tracks US stocks

    The recovery from the US session low of 1.4378 appears largely due to the mild gains seen in the US stocks. As of now, the Dow index is trading 0.20% higher contrary to risk-off the futures were indicating before the opening bell.

    Consequently, the spot is back around 10-DMA. With no major data due for release, the pair could continue to mimic the stock market action.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4443 (38.2% of 1.4079-1.4668), above which prices could target 1.4501 (5-DMA). On the other hand, a break below 1.44 levels would expose 1.4374 (50% of 1.4079-1.4668).
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