GBP/USD unmotivated around 1.4450

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The demand for the British Pound remains subdued on Thursday, with GBP/USD stuck in a tight range around the 1.4440 zone.

    GBP/USD down from 1.4570

    The pair has quickly come under renewed selling pressure following a pick up in the risk-off trade during the Asian trading hours. Increasing sentiment towards safer assets has forced spot to break below the 1.4500 barrier, briefly testing lows near 1.4390 and return to the 1.4400 area where it is now looking to stabilize.

    Nothing worth mentioning from the UK docket, whereas US Initial Claims have come in on the strong side during last week at 269K, taking the 4-week Average to 281K from 285K. Later in the session, Janet Yellen will deliver her second testimony, although market expectations of a different tone from yesterday’s speech are pretty flat.

    GBP/USD levels to consider

    As of writing the pair is losing 0.57% at 1.4448 with the immediate support at 1.4353 (23.6% Fibo of 1.5240-1.4079) followed by 1.4147 (low Jan.29) and then 1.4079 (low Jan.20). On the other hand, a breakout of 1.4670 (high Feb.4) would aim for 1.4682 (55-day sma) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079).
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