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GBP/USD pops to 1.4550, daily highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is gathering further upside momentum during the European morning, with GBP/USD advancing to session highs in the vicinity of 1.4550.

    GBP/USD supported around 1.4450

    The pair is gaining over a cent since overnight troughs in the mid-1.4400s, all propped up by a resurgence of the buying interest around GBP and a better tone in the risk-associated space.

    In the meantime, market participants seem to have shrugged off the recent downbeat sentiment hurting the sterling, although ‘Brexit’ concerns and the BoE stance regarding a rate hike will continue to linger.

    GBP/USD levels to consider

    As of writing the pair is advancing 0.54% at 1.4554 and a breakout of 1.4670 (high Feb.4) would aim for 1.4675 (55-day sma) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079). On the flip side, the immediate support lines up at 1.4353 (23.6% Fibo of 1.5240-1.4079) followed by 1.4147 (low Jan.29) and then 1.4079 (low Jan.20).
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