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GBP/USD weaker, breaks below 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is now accelerating its daily decline vs. the dollar, with GBP/USD currently breaching the 1.4300 key support.

    GBP/USD capped at 1.4360

    The pair is now fading part of yesterday’s significant upside to the 1.4360/65 area, where it found strong resistance and provoked the current leg lower to the 1.4300 neighbourhood.

    In the meantime, the pair keeps the bearish tone intact for the time being and suffering the return of the risk aversion to the markets. Ahead in the NA session, the FOMC meeting will take centre stage, with forecasts pointing to a cautious tone from the Committee’s statement.

    GBP/USD relevant levels

    As of writing the pair is retreating 0.47% at 1.4289 with the immediate support at 1.4079 (multi-year low Jan.21) ahead of 1.4049 (monthly low feb.2009) and finally 1.4000 (psychological level). On the other hand, a breakout of 1.4433 (20-day sma) would open the door to 1.4659 (50% Fibo of 1.5240-1.4079) and then 1.4829 (55-day sma).

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