GBP/USD turns lower and slumps below 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - After being rejected once again by the 1.4350 area, GBP/USD turned lower and fell to fresh lows sub-1.4300 as the dollar continues to swing against rivals ahead of the FOMC statement.

    GBP/USD made an attempt to break above the 1.4350 zone but failed and came under pressure, dropping more than 100 pips over the last hours to hit a low of 1.4232 in recent dealings. At time of writing, the pair is trading at 1.4235, now 0.79% below its opening price.

    Investors will be watching the FOMC statement on monetary policy, scheduled for 19:00 GMT, for clues about the path of future rate hikes.

    GBP/USD technical levels

    In terms of technical levels, next supports are seen at 1.4172 (Jan 26 low) and 1.4078 (7-year low, Jan 21). On the flip side, next resistances could be faced at 1.4366 (Jan 26 high), 1.4400 (psychological level) and 1.4437 (20-day SMA).

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