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22 Jan 2016
GBP/USD fails to hold above 1.4300
FXStreet (Córdoba) - GBP/USD failed to sustain gains above 1.4300 and pulled back from 1-week highs during the American afternoon.
Cable extended its recovery from 7-year lows scored on Thursday despite disappointing UK retail sales figures, but it lost momentum and slid back below the 200-hour SMA (1.4295) after posting a high of 1.4361 earlier on the day.
At time of writing, GBP/USD is trading at 1.4288, still up 0.49% on the day and poised to record three daily gains in a row for first time in two months. The pound is also on track for a weekly gain versus the dollar, the first in four.
GBP/USD technical levels
On the upside, immediate resistances are seen at 1.4361 (Jan 22 high), 1.4400 (psychological level) and 1.4426 (Jan 15 high). On the other hand, supports could be found at 1.4203/00 (Jan 22 low/psychological level) and 1.4078 (7-year low, Jan 21).
Cable extended its recovery from 7-year lows scored on Thursday despite disappointing UK retail sales figures, but it lost momentum and slid back below the 200-hour SMA (1.4295) after posting a high of 1.4361 earlier on the day.
At time of writing, GBP/USD is trading at 1.4288, still up 0.49% on the day and poised to record three daily gains in a row for first time in two months. The pound is also on track for a weekly gain versus the dollar, the first in four.
GBP/USD technical levels
On the upside, immediate resistances are seen at 1.4361 (Jan 22 high), 1.4400 (psychological level) and 1.4426 (Jan 15 high). On the other hand, supports could be found at 1.4203/00 (Jan 22 low/psychological level) and 1.4078 (7-year low, Jan 21).