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GBP/USD tumbles below 1.4700 to fresh 8-month low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The US dollar gained momentum across the board and even against European currencies and pushed GBP/USD sharply into negative territory.

    GBP/USD down 150 pips

    Cable rose earlier during the European session to 1.4815 but quickly pulled back and started to decline. Initially erased all gains and dropped to 1.4730, where it closed on Thursday. But greenback continued to push higher and GBP/USD broke below 1.4700.

    Recently the pair bottomed at 1.4660, 155 pips below today’s high and the weakest level since April. If it ends around current levels it would post the second lowest daily close since 2010. The decline brought the price closer to 2015 lows that are located around 1.4565.

    Currently the pair trades at 1.4665/70, down 0.45% for the day. Immediate support might be seen at 1.4660 (daily low) and 1.4635 (March 2015 low). On the opposite direction, resistance now might be seen at 1.4735 (20-hour MA) and 1.4785 (Dec 29 & 30 low).
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