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GBP/USD reaches 4-week highs above 1.4600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD has extended gains above the 1.4600 level during afternoon trade in New York, as US dollar weakness remains as the theme of the day, although there were no clear catalysts to blame.

    GBP/USD broke above several resistances levels and climbed to a high of 1.4648, stalling just a few pips shy of the 50.0% retracement of the December-January drop between 1.5239 and 1.4078, being this latter a 7-year low scored on Jan 21st. At time of writing, the pair is trading at 1.4620, marking a 1.48% gain on Wednesday.

    GBP/USD levels to watch

    In terms of technical levels, next resistances are seen at 1.4657 (50.0% Fibo retracement of 1.5239-1.4078) 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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