GBP/USD unable to sustain daily gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - GBP/USD found support at the 1.4220 area and made a bounce attempt ahead of the American opening, but the upside was quickly capped.

    GBP/USD rose more than half a cent from a daily low of 1.4223 to the 1.4275 zone, where the 20-hour SMA offered resistance. From there, GBP/USD turned back lower and it was last trading at 1.4245, 0.10% below its opening price.

    From a wider view, GBP/USD continues to trade near a 7-year low scored last week at 1.4078 despite an impressive comeback staged over the last sessions that took the pair to the 1.4360 area on Friday, allowing the pound to post its first weekly gain in four.

    GBP/USD technical levels

    On the upside, immediate resistances are seen at 1.4361 (Jan 22 high), 1.4400 (psychological level) and 1.4426 (Jan 15 high). On the other hand, supports could be found at 1.4203/00 (Jan 22 low/psychological level) and 1.4078 (7-year low, Jan 21).
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