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GBP/USD offered again at 1.45

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The recovery off lows in the GBP/USD pair ran into offers at 1.45, pushing the pair back to 1.4470 levels.

    Eyes Draghi speech

    Given the empty economic calendar in US and markets closed on account of holiday, the pair could take cues from the action in the EUR/GBP cross following Draghi’s testimony to EU parliament. The currency pair failed to benefit from the uptick in the stock markets.

    Despite the uptick in the UK gilt yields, Sterling failed to witness gains as Brexit fears saw investors refrain from making bullish commitments in Sterling pairs.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4516-1.4519 (23.6% of 1.5930-1.4079 + 38.2% of 1.5230-1.4079 + falling channel resistance), which it taken out shall open doors for a rally to 1.4578 (Feb 10 high). On the other hand, a breakdown of 1.4443 (Friday’s low) could see the spot test 1.44 handle.
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