GBP/USD: sell-off continues, tests key Fibo support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair extended losses in early Europe, pushing the pair to 1.4351 (23.6% of 1.5230-1.4079) levels.

    At four-day low

    The spot currently trades around 1.4375; its four-day low. The recovery from the multi-year low of 1.4079 ran out of steam at a high of 1.4668 levels following a slightly hawkish BOE on last Thursday. At the current price, 50% of the recovery from 1.4079 stands retraced.

    Later in the day, the focus remains on the stock markets activity as the economic calendar in the US is empty.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4351 (23.6% of 1.5230-1.4079), under which the losses could be extended to 1.43 handle. On the other hand, a break above 1.4409 (10-DMA)) could see the spot re-test 1.4502 (5-DMA).
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