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GBP/USD off-highs, hovers around 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The GBP/USD pair appears to have found composure after Friday’s sell-off and keeps the bids around 1.43 handle amid negative European stocks.

    GBP/USD remains capped below 5-DMA

    The GBP/USD pair trades 0.30% higher to 1.4299, having posted fresh session highs at 1.4322. The cable’s recovery from multi-year troughs lost steam and the prices now hover around 1.43 handle as the greenback remains broadly higher, while the losses in the European stocks reduce risk-appetite and therefore, curb the demand for the GBP.

    Looking ahead, neither the UK nor the US docket offers any data today, hence the major will continue to track broader market sentiment, with the UK’s CPI and China GDP data next in focus tomorrow.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4322/30 (daily high/ 5-DMA), above which 1.4392/1.4400 (1h 100-SMA/ round number) would be tested. On the flip side, support is seen at 1.4378/71 (Jan 13 & daily Low) below which it could extend losses to towards 1.4350/48 (Jan 12 & daily low).
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