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GBP/USD unperturbed by Carney’s latest comments, remains bid

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bid tone around Sterling remains intact, keeping the GBP/USD pair on a front foot around 1.5250 as traders ignored Carney’s comments rates could be cut if required.

    Hit fresh daily highs

    The spot hit a fresh daily high of 1.4267 before falling back to 1.4236. The minor drop had nothing to do with Carney’s comments and the pair quickly moved back to 1.4250 levels. If anything, the upside appears to have stalled, but the bid tone remains intact.

    Moreover, the drop in the EUR/GBP cross also helps the GBP/USD pair remains strong. The currency pair is largely unchanged on the day, but points northwards ahead of the US opening bell and US services PMI data release.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4267 (daily high), above which the pair could target 1.43, which if taken out shall open doors for 1.4351 (23.6% of 1.5230-1.4079). On the other hand, a break below 1.4173 (daily low) could send the pair lower to 1.4129 (Jan 19 low), which it taken out shall open doors for a drop to 1.4079 (Jan 21 low).
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