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GBP/USD wavers below 1.4450 resistance area

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD has been oscillating in a wide range near highs over the last hours following a short-lived pullback seen during the European session.

    GBP/USD retreated from the 1.4445 zone but the downside was contained around 1.4325, leaving the pair in a wide range over the last hours. At time of writing, the pair is trading at 1.4400, still 0.21% below its opening price.

    The Cable staged a sharp rally on Monday but found resistance at 1.4445. Despite a new attempt seen on Tuesday, the pair was unable to rise above that area. From a wider view, GBP/USD is extending a recovery from a 7-year low of 1.4078, struck on Jan 21.

    GBP/USD levels to watch

    In terms of technical levels, next resistances could be faced at 1.4443/45 (Feb 1 & 2 highs), 1.4475 (Jan 13 high) and 1.4559 (Jan 12 high). On the flip side, supports are seen at 1.4292 (10-day SMA), 1.4227 (Feb 1 low) and 1.4148 (Jan 29 low).
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