GBP/USD Backs Away From 1.4500

GBP/USD Backs Away From 1.4500

25 April 2016, 17:53
Roberto Jacobs

GBP/USD Backs Away From 1.4500

GBP/USD eased from fresh 2-month highs at the beginning of the New York session as the pound lost momentum following a 120-pip rally.

GBP/USD advanced to its highest level since mid-February helped by US President Obama’s support for UK EU membership. GBP/USD reached a daily peak of 1.4519 but failed to hold above the 1.45 mark for long and pulled back. At time of writing, Cable is trading at 1.4473, still 0.36% above its Friday’s close.

GBP/USD levels to watch

In terms of technical levels, if GBP/USD breaks above 1.4519, next resistances are seen at 1.4577 (Feb 10 high) and 1.4667 (Feb 4 high). On the other hand, supports could be faced at 1.4426 (100-day SMA), 1.4299 (Apr 21 low) and 1.4223 (50-day SMA).


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