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The relentless selling in the GBP/USD appears to have come to a halt in the US session, allowing the pair to recover to 1.4120 levels ahead of UK PM Cameron’s speech on EU deal in UK parliament.
Eyes Cameron speech
Traders would be interested to hear Cameron’s comments on EU deal after his party member; an influential London Mayor switched sides in favor of Brexit. His move led to a sharp sell-off in Sterling in Asia, Europe and early US session.
Cable dropped from 1.4306 to a new 7-yr low of 1.4057 before recovering to 1.4120 levels. The volatility in the GBP pairs could remain high as Brexit drama appears to have just begun.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4125 (Jan 20 low), above which the spot could re-test major hurdle at 1.4149 (Jan 29 high). On the other hand, a breakdown of 1.4057 (daily low) could see the spot extend losses to 1.40 handle.
