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GBP/USD resurfaces from below 1.4500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD regained the upside and climbed back above the 1.4500 level during the American afternoon following a round trip to the 1.4580 zone, with the pair lifted by strong UK industrial production data and dragged down by a reiterative speech by Fed Chair Yellen.

    GBP/USD however, found support ahead of daily lows at the 1.4445 zone and bounced, climbing to the 1.4510 area in recent dealings. At time of writing, Cable is trading at 1.4503, still 0.23% above its opening price.

    GBP/USD technical levels

    As for technical levels, immediate resistances are seen at 1.4577 (Feb 10 high), 1.4657 (50% retracement of Dec-Jan 1.5239-1.4078 fall) and 1.4680 (Jan 6 high). On the downside, supports could be found at 1.4439 (Feb 10 low), 1.4354/51 (20-day SMA/feb 8 low) and 1.4325 (Feb 2 low).
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