16 Jan 2014
GBP/USD reverses daily gains
FXstreet.com (Córdoba) - The GBP/USD has given up its early gains and slid back to negative territory as the greenback strengthens versus its European competitors.
The GBP/USD had a choppy day Thursday, having fallen to a 3-week low of 1.6314 during the European session and rallied to 1.6383 in the wake of soft US CPI figures only to shed gains during the afternoon trade, with Wall Street earnings miss weighing on sentiment. At time of writing, the GBP/USD is trading at the 1.6330 area, 0.2% below its opening price.
GBP/USD levels to watch
In terms of technical levels, GBP/USD supports line up at 1.6314 (Jan 16 low), 1.6300 (psychological level/50-day SMA) and 1.6260 (Dec 18 low). On the upside, resistances could be found at 1.6382 (Jun 16 high), 1.6400 (psychological level) and 1.6410 (21-day SMA).
The GBP/USD had a choppy day Thursday, having fallen to a 3-week low of 1.6314 during the European session and rallied to 1.6383 in the wake of soft US CPI figures only to shed gains during the afternoon trade, with Wall Street earnings miss weighing on sentiment. At time of writing, the GBP/USD is trading at the 1.6330 area, 0.2% below its opening price.
GBP/USD levels to watch
In terms of technical levels, GBP/USD supports line up at 1.6314 (Jan 16 low), 1.6300 (psychological level/50-day SMA) and 1.6260 (Dec 18 low). On the upside, resistances could be found at 1.6382 (Jun 16 high), 1.6400 (psychological level) and 1.6410 (21-day SMA).