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GBP/USD recovers amid risk appetite

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/USD rose back above 1.4100 and extended the recovery during the last hours as stocks in Europa and in Wall Street climb further. The pound also gained ground versus the euro and the yen.

    GBP/USD moving away from 2009 lows

    Cable weakened during the European session amid a decline of the pound across the board and broke below 1.4100 hitting at 1.4078, the lowest level since 2009. Afterward, it stabilized and recently broke above 1.4115 extending the recovery.

    It reached a fresh American session high at 1.4160 and currently trades at 1.4150/55, lower for the day but away from daily lows. Short-term momentum favors the upside.

    Levels to watch

    To the upside, the immediate resistance is seen around 1.4160/65 (20-hour moving average) followed by 1.4200/05 (psychological / daily high) and 1.4220 (Jan 20 high). On the opposite direction, support might now be located at 1.4120, (Jan 19 & 20 low) and 1.4075/80 (daily low).

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