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GBP/USD retakes 1.4400 and beyond

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The sterling has now met some buying interest and is pushing GBP/USD back above the 1.4400 mark after dropping to 1.4325/20 in early trade.

    GBP/USD weaker on data, Brexit

    Spot is coming back after testing 1.4320 following the poor UK’s Construction PMI during December, missing expectations and coming in lower than the November’s reading.

    In addition, speculations around a ‘Brexit’ scenario keep on the rise ahead of the key meeting between UK and EU officials due later in the month, weighing on GBP and capping occasional bullish attempts.

    GBP/USD levels to consider

    As of writing the pair is losing 0.23% at 1.4407 facing the next support at 1.4147 (low Jan.29) followed by 1.4079 (low Jan.20) and finally 1.4000 (psychological level). On the other hand, a breakout of 1.4448 (high Feb.1) would open the door to 1.4522 (38.2% Fibo of 1.5240-1.4079) and then 1.4748 (55-day sma).
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