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GBP/USD surrenders gains, hovers around 1.45

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The corrective rally in the equities failed to cushion GBP/USD spot, which ran into offers around 1.4535 levels and fell below 1.45 levels for a brief moment.

    Trades below confluence of Fibo levels

    The drop to 1.45 also marked a failure to sustain above confluence of technical support – 1.4516-1.4519 (23.6% of 1.5930-1.4079 + 38.2% of 1.5230-1.4079 + falling channel resistance). Cable rose to 1.4535 earlier today amid the corrective rally in the Asian equities.

    However, the bullish move did not last long even though the major European equities followed Asian stocks higher. Erratic trading activity could be seen today, given the data calendar is empty and the US stock markets are closed.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4516-1.4519 (23.6% of 1.5930-1.4079 + 38.2% of 1.5230-1.4079 + falling channel resistance), which it taken out shall open doors for a rally to 1.4578 (Feb 10 high). On the other hand, a breakdown of 1.4443 (Friday’s low) could see the spot test 1.44 handle.
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