GBP/USD trims intraday gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD pulled back from daily highs and trimmed intraday gains during the American session as directional moves lost momentum in the absence of economic drivers.

    GBP/USD recovered more than 150 pips from yesterday’s 2-week low of 1.4234 and peaked at 1.4393 before retreating. The pullback has been contained by the 1.4310 area, leaving Cable around 1.4325, where it trades still 0.27% above its opening price.

    GBP/USD levels to watch

    As for technical levels, short-term supports are seen at 1.4234/27 (Feb 17 & 1 lows), 1.4148 (Jan 29 low) and 1.4078 (Jan 21 low). On the other hand, next resistances line up at 1.4397 (20-day SMA), 1.4423 (200-hour SMA) and the 1.4515/20 zone (Feb 16 high/38.2% retracement of Dec-Jan 1.5239-1.4078 fall).
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