GBP/USD upside capped ahead of 1.4500

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:
    GBP/USD has entered a consolidation phase over the last hours, after recovering from daily lows sub 1.4400.

    GBP/USD managed to recover ground and moved away from a low of 1.4382 as the dollar weakened broadly, although with the upside contained by the 1.4480 zone, the pair was confined to a phase of consolidation over the last hours in the absence of news. At time of writing, Cable is trading at 1.4460, still 0.44% below its opening price.

    GBP/USD technical levels

    As for technical levels, immediate resistances are seen at 1.4577 (Feb 10 high), 1.4657 (50% retracement of Dec-Jan 1.5239-1.4078 fall) and 1.4680 (Jan 6 high). On the downside, supports could be found at 1.4383 (Feb 11 low), 1.4354/51 (20-day SMA/Feb 8 low) and 1.4325 (Feb 2 low).
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