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GBP/USD reverses daily losses, back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD rose sharply over the last minutes, climbing back above the 100-hour SMA to strike a marginal new daily high as the greenback loses momentum across the board.

    GBP/USD climbed more than 100 pips from daily lows and peaked at 1.4347 before finding resistance. At time of writing, Cable is trading at 1.4330, virtually unchanged on the day. The move higher came after comments from an EU official saying that there is a good chance of a Brexit deal happening tonight.

    Meanwhile, David Cameron tweeted that negotiations are continuing into this evening. “A Cabinet meeting won't be possible tonight. One will be held if and when a deal is done”.

    GBP/USD levels to watch

    In terms of technical levels, GBP/USD could find immediate resistances at 1.4393/1.4402 (Feb 18 high/20-day SMA) and the 1.4515/20 zone (Feb 16 high/38.2% retracement of Dec-Jan 1.5239-1.4078 fall). On the downside, supports are seen at 1.4245 (Feb 19 low), 1.4227 (Feb 1 low) and 1.4148 (Jan 29 low).
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