GBP/USD trims daily losses but remains vulnerable

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD managed to move off daily lows over the last hours as the US dollar weakened following a string of disappointing economic data, but overall remains under pressure near cycle lows.

    GBP/USD extended losses into a third consecutive day on Wednesday as uncertainty surrounding UK referendum on EU membership and fears of a Brexit continue to take its toll on the British currency.

    GBP/USD bottomed out at 1.3908 at the beginning of the New York session and even though it managed to trim losses, it remains 0.56% down for the day at the 1.3940 zone.

    GBP/USD levels to watch

    As for technical levels, immediate supports are seen at 1.3908 (Feb 24 low), 1.3843 (March 18 2009 low) and 1.3653 (monthly low March 2009). On the other hand, short-term resistances could be found at 1.4026 (Feb 24 high), 1.4155 (Feb 23 high) and 1.4168 (100-hour SMA).
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