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GBP/USD trims daily losses, but remains capped by 1.4100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD managed to recover some ground at the beginning of the New York session as the dollar turned suddenly lower.

    GBP/USD found support just ahead of the 1.40 mark and bounced, although the pound remains as the worst performer across the board, with some analysts blaming uncertainty over the upcoming EU membership referendum.

    GBP/USD bottomed out at a 1-month low of 1.4004 and rebounded, climbing back to the 1.4095 zone in a matter of minutes. At time of writing, Cable is trading at 1.4088, still 0.51% below its opening price.

    GBP/USD technical levels

    As for technical levels, immediate resistances could be found at 1.4169 (Apr 6 high), 1.4239 (10-day SMA) and 1.4278 (Apr 5 high). On the flip side, a break below 1.4000 would pave the way towards 1.3913 (Mar 2 low) and 1.3835 (2016 low, Feb 29).
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