GBP/USD Remains Capped by 1.4700

GBP/USD Remains Capped by 1.4700

2 May 2016, 20:38
Roberto Jacobs

GBP/USD Remains Capped by 1.4700

GBP/USD entered a consolidation phase over the last hours and continues to trade just below the 1.47 mark, in the absence of catalysts to trigger moves in the FX space.

GBP/USD peaked at 1.4695 earlier on the day but lacked momentum to overcome the 1.4700 level and was confined to a narrow range. At time of writing, Cable is trading at 1.4679, recording a 0.51% gain on Monday.

GBP/USD levels to watch

In terms of technical levels, next resistances could be found at 1.4695 (May 2 high), 1.4724 (Jan 5 high) and 1.4815 (Jan 4 high). On the flip side, supports are seen at 1.4575 (Apr 29 low), 1.4522 (Apr 28 low) and 1.4494 (Apr 27 low).


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