GBP/USD Forecast: Risk-off could hurt, strong support at 1.4164

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD tested supply at 50-DMA level of 1.4240 on Friday before closing the day higher at 1.4196. The currency pair managed to cut through stiff resistance of hourly 200-MA in Europe and thus provided more power to the bulls. However, oil driven risk aversion seen today has pushed the spot back to hourly 200-MA seen today at 1.4164. Sharp decline in oil is not welcome news for advanced nation central bankers aiming for annualized 2% inflation level. That also includes Bank of England (BOE),

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