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GBP/USD remains under pressure near 1.4400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is trading sharply lower today, sending GBP/USD to test the vicinity of 1.4400 the figure vs. the greenback.

    GBP/USD supported around 1.4400


    The pair is giving away recent gains to levels beyond the 1.4500 handle as global jitters are gathering further steam today, with significant sell-offs in European equities while US futures point to the Dow opening +300 pts lower.

    Spot is thus fading last week’s spike to the 1.4660 area against the backdrop of increasing risk aversion spreading over the global markets. In addition, ‘Brexit’ concerns keep lingering, albeit relegated to the back burner for the time being, while expectations of a rate cut by the BoE has been pushed further back.

    GBP/USD levels to consider

    As of writing the pair is losing 0.84% at 1.4409 with the immediate support at 1.4353 (23.6% Fibo of 1.5240-1.4079) followed by 1.4147 (low Jan.29) and then 1.4079 (low Jan.20). On the other hand, a breakout of 1.4670 (high Feb.4) would aim for 1.4682 (55-day sma) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079).
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