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GBP/USD hovers above 1.4400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD has spent the last hours in a range near session lows in the absence triggers and amid low volume with US markets closed in observance of President's’ Day.

    GBP/USD bottomed out at 1.4412 as the dollar strengthened versus most rivals, but it lost momentum over the last hours, confining GBP/USD to a sideways phase. At time of writing, the pair is trading at 1.4436, recording a 0.42% loss on Monday.

    On Tuesday, the UK will release several key macroeconomic indicators, related to retail and producers' inflation, which may put the pound under additional pressure, as January numbers are largely expected to come on the soft side.

    GBP/USD technical levels

    In terms of technical levels, next supports could be found at 1.4383 (Feb 11 low), 1.4370 (20-day SMA), 1.4351 (Feb 8 low) and 1.4325 (Feb 2 low). On the other hand, resistances are seen at 1.4569(Feb 12 high), 1.4577 (Feb 10 high), 1.4657 (50% retracement of Dec-Jan 1.5239-1.4078 fall) and 1.4680 (Jan 6 high).
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