GBP/USD recovers from 2-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD reversed early losses and turned intraday positive as the greenback gave up ground across the board while investors await the release of FOMC meeting minutes.

    GBP/USD bounced from a 2-week low of 1.4234 and regained the 1.43 mark in recent dealings. The pair climbed to a session high of 1.4336, just a few pips shy of its European peak of 1.4338. At time of writing, the pair is trading at 1.4315, 0.1% above its opening price as investors remain sidelined ahead of the Federal Reserve minutes release.

    GBP/USD technical levels

    As for technical levels, next resistances line up at 1.4390 (10-day SMA), 1.4449 (200-hour SMA) and the 1.4515/20 zone (Feb 16 high/38.2% retracement of Dec-Jan 1.5239-1.4078 fall). On the flip side, supports are seen at 1.4227 (Feb 1 low), 1.4148 (Jan 29 low) and 1.4078 (Jan 21 low).
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