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GBP/USD makes fresh cycle lows, nears 1.4500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD came under renewed pressure in recent trade and extended its decline toward fresh 5 ½-year lows in the 1.4500 vicinity.

    GBP/USD broke below the 1.4530 zone and slid to its lowest level since June 2010 at 1.4505, finding interim support a few pips ahead of the 1.45 mark. At time of writing, Cable was trading at 1.4515, recording a 0.68% loss on Friday, on track to post the ninth fall in a row.

    The pound remains under broad pressure amid lingering Brexit fears alongside with signs of slowing growth in the UK. Chancellor Osborne has also highlighted global risks on the UK economy.

    GBP/USD levels to watch

    As for technical levels, if GBP/USD falls below 1.4532 (5 ½-year low, Jan 7), next supports are seen at 1.4500 (psychological level) and 1.4345 (Jun 2010 monthly low). On the flip side, short-term resistances could be found at 1.4639 (Jan 7 high), 1.4680 (Jan 6 high) and 1.4724 (Jan 5 high).
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