GBP/USD trims gains, holds above 1.4400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The pound trimmed gains versus the US dollar during the last hours but still trades above yesterday’s closing price. GBP/USD currently trades at 1.4450/60, up 0.20% for the day and still holding some bullish tone as price holds above the 20-hour moving average.

    Greenback lost strength across the board during the American session and pulled back in the market, even against commodity currencies. The pound rose versus the US dollar but remained in negative territory versus other European currencies and the yen.

    Supported by the 20-day MA

    In the short-term for the coming hours a key support is located around 1.4435, a break lower could open the doors for a test of 1.4400. Below the next relevant support could be the 20-day moving average that stands at 1.4340 that yesterday capped the decline.

    To the upside, resistance levels might be seen at 1.4515 (daily high) and then 1.4545 (Feb 08 high) and 1.4590 (Feb 05 high).
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