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GBP/USD rebounds from 1.4460

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 sterling is now picking up pace vs. the dollar after GBP/USD dropped to daily lows near 1.4460.

    GBP/USD down from 1.4540, CPI eyed

    Spot lost upside momentum after reaching the area of 1.4540 during overnight trading, testing lows nearly a cent lower following an auspicious open in the European equity markets.

    The British pound will remain under pressure ahead in the week, in light of UK inflation figures due tomorrow, labour market results on Wednesday and Retail Sales on Friday.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.19% at 1.4480 with the next support at 1.4422 (20-day sma) ahead of 1.4353 (23.6% Fibo of 1.5240-1.4079) and then 1.4147 (low Jan.29). On the other hand, a break above 1.4670 (high Feb.4) would aim for 1.4573 (55-day sma) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079).
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