GBP/USD struggles to hold above 1.3900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD managed to reverse intraday losses and turned positive during the New York session as the greenback weakened versus most competitors.

    Disappointing Chicago PMI and pending home sales data weighed on the dollar, sending GBP/USD to a session peak of 1.3945, before the 100-hour SMA offered resistance. At time of writing, the pair is at 1.3905, up 0.23% on the day.

    GBP/USD levels to watch

    In terms of technical levels, immediate resistances are seen at 1.3945 (Feb 29 high), 1.4041 (Feb 26 high) and 1.4114 (10-day SMA). On the flip side, supports could be faced at 1.3835 (7-year low, Feb 29), 1.3653 (monthly low March 2009) and 1.3502 (monthly low January 2009).
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