GBP/USD Oscillates in a 40-Pips Range, Awaits Impetus

GBP/USD Oscillates in a 40-Pips Range, Awaits Impetus

22 April 2016, 11:37
Roberto Jacobs
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GBP/USD Oscillates in a 40-Pips Range, Awaits Impetus

The cable found fresh offers once again near higher levels and drifted lower thereon, with GBP/USD now heading back towards daily lows.

GBP/USD fails once again near highs

The GBP/USD pair trades 0.11% higher at 1.4339, heading for a retest of daily lows printed at 1.4320 earlier on the day. The cable witnessed wild swings post European open, with the pound being smashed by the greenback to session lows, only to find bids and swing back higher, despite negative European equities and fresh selling seen in the oil prices.

From a wider perspective, the GBP/USD pair remains supported and displays buy on dips strategy by markets on the back of anti-Brexit news, with the fresh referendum polls favouring staying in the EU. Looking ahead, the macro calendar remains almost dry, with the weekly report of the US oil rig count issued by Baker Hughes on sight.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4369 (Daily high), above which 1.4400 (psychological levels) would be tested. On the flip side, support is seen at 1.4300 (round figure) below that at 1.4275/66 (10-DMA/ 1h 200-SMA).


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