GBP/USD regains 1.4200, trims daily losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD bounced off daily lows and regained the 1.42 mark at the beginning of the American session, lifted by EUR/GBP fall as a recovery in stocks led to euro weakness across the board.

    Cable fell briefly below 1.4200 toward a daily low of 1.4172 before finding support and climbing back to the mid-1.42 zone. At time of writing, GBP/USD is trading at 1.4235, just a few pips below its opening price.

    Earlier on the day, BoE Governor Carney reiterated that conditions are not in place for a UK rate hike. However, the pound remained broadly immutable as he added nothing to last week’s remarks.

    GBP/USD levels to watch

    On the upside, immediate resistances are seen at 1.4263 (10-day SMA), 1.4300 (psychological level) and 1.4361 (Jan 22 high). On the other hand, supports could be found at 1.4172 (Jan 26 low) and 1.4078 (7-year low, Jan 21).
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