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GBP/USD weaker, breaks below 1.4400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is intensifying its bearish tone today, now rapidly dragging GBP/USD to visit the 1.4400 neighbourhood.

    GBP/USD drops on USD recovery

    The pair shed more than a cent since today’s peaks in the 1.4550 area in response to a better sentiment surrounding the US dollar, which has managed to revert the initial offered tone.

    The British pound remains under pressure despite last week’s recovery, all against the backdrop of ‘Brexit’ concerns, a dovish BoE and expectations of a rate hike later than initially estimated.

    GBP/USD levels to consider

    As of writing the pair is down 0.64% at 1.4408 with the next 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 1.4706 (55-day sma) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079).
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