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GBP/USD in consolidation mode around 1.4150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD has steadied within a narrow range over the last hours after recovering from 4-day lows struck during the European session.

    Cable bottomed out at 1.4089 but managed to regain the 1.41 mark before the Bank of England decision to leave rates unchanged. The meeting ended up being a non-even, with GBP/USD barely moving over the last hours. At time of writing, the pair was trading at 1.4545, still down 0.40% on the day.

    Meanwhile, IMF Chief Lagarde warned on Thursday that that Brexit is one ‘serious downside risk’ to global growth.

    GBP/USD technical levels

    In terms of technical levels, immediate supports are seen at 1.4089 (Apr 14 low), 1.4040 (Apr 8 low) and 1.4004/00 (Apr 4 low/psychological level). On the other hand, resistances line up at 1.4240 (50-day SMA), 1.4278 (Apr 13 high) and 1.4347 (Apr 12 high).
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