GBP/USD Hits Fresh 6-Week Highs at 1.4470, Then Retreats

GBP/USD Hits Fresh 6-Week Highs at 1.4470, Then Retreats

25 April 2016, 08:17
Roberto Jacobs
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GBP/USD Hits Fresh 6-Week Highs at 1.4470, Then Retreats

The GBP/USD pair kicked-off the week on a stronger footing and went on to hit fresh six-month highs at 1.4470 in early Asia, before finding fresh offers at higher levels and now heads closer towards 1.44 handle.

GBP/USD back near 1.4400

The GBP/USD pair trades 0.16% higher at 1.4428, having struck fresh session lows at 1.4422 last minutes. The extension of Friday’s rally in the cable met fresh supply in a calm Asian session, as markets took that as an excuse to unwind their positions heading into the big week, with FOMC and BOJ monetary policy decisions likely to have significant impact on the majors.

However, the GBP/USD pair remains supported amid latest polls showing anti-Brexit results, while a data-heavy week ahead keeps the prices in check. The major economic releases this week include durable goods and advance GDP from the US, while from the UK docket, we have the prelim GDP report on the cards this week.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4470 (6-month highs), above which 1.4500 (psychological levels) would be tested. On the flip side, support is seen at 1.4400 (round figure) below that at 1.4372/69 (1h 50 & 100-SMA).


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