GBP/USD erases daily gains

By FXstreet.com | January 20, 2014 AAA
FXstreet.com (Córdoba) - The GBP/USD failed to maintain intraday gains and pulled back despite broad USD weakness.

With US markets closed due to the Martin Luther King's Day, trading has remained subdued with the greenback a tad softer versus majors. However, the GBP/USD found resistance at a high of 1.6451 during the European session and pulled toward the 200-hour SMA, retracing its daily advance. At time of writing, the GBP/USD is trading around 1.6420, virtually unchanged since opening.

GBP/USD levels to watch


In terms of technical levels, the GBP/USD could find immediate supports at 1.6417 (200-hour SMA), 1.6400 (psychological level), 1.6365 (Jan 14 low). On the other hand, resistances are now seen at 1.6451 (Jan 20 high), 1.6457 (Jan 17 high) and 1.6500 (psychological level).
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