GBP/USD Retreats from Highs, Back Below 1.4400

GBP/USD Retreats from Highs, Back Below 1.4400

21 April 2016, 17:25
Roberto Jacobs
0
8

GBP/USD Retreats from Highs, Back Below 1.4400

After advancing to fresh multi-week tops near 1.4440, GBP/USD lost impetus and is now retreating to the 1.43860 area.

GBP/USD fades the advance on USD bids

A bout of buying interest in the US dollar is now weighing on the pair, prompting it to abandon de area of 4-week peaks near 1.4400 and to re-visit 1.4360/55. Once again, USD-bulls clustered around the support area of 93.90/94.00 in the US Dollar Index seem to be behind the down move.

Ahead in the NA session, BoE’s M.Carney is due to speak at the United Nations General Assembly.

GBP/USD levels to consider

As of writing the pair is advancing 0.17% at 1.4358 facing the next hurdle at 1.4460 (high Mar.30) ahead of 1.4517 (high Mar.18) and finally 1.4670 (monthly high Feb.4). On the flip side, a breakdown of 1.4249 (55-day sma) would open the door to 1.4092 (38.2% Fibo of 1.3833-1.4517) and then 1.4004 (low Apr.6).


fxs_logo_news.png

Share it with friends: