GBP/USD moves off highs, holds above 1.4600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD climbed to fresh 1-month highs after BoE Governor Carney adopted a more upbeat tone on the economy and lifted by weaker-than-expected US data.

    GBP/USD climbed to a peak of 1.4667, rising briefly above the 50.0% Fibo retracement of 1.5239-1.4078 fall that lies at 1.4657. However, the pair lost momentum and pulled back to finally settle around 1.4610, where it trades, virtually unchanged on the day.

    Meanwhile, the main theme of the day remains the USD weakness, with the sell-off extending into a second day. On the data front, US initial jobless claims rose by 7,000 to 285,000 last week, while factory orders for December declined by 2.9%.

    GBP/USD levels to watch

    In terms of technical levels, next resistances are sen at 1.4700 (psychological level) and 1.4722 (50-day SMA). On the downside, supports could be found at 1.4383 (Feb 3 low), 1.4357 (20-day SMA), 1.4325 (Feb 2 low) and 1.4227 (Feb 1 low).
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