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25 Feb 2015
GBP/USD dips below 1.5500, but downside contained
FXStreet (Córdoba) - GBP/USD surrendered some of its intraday losses and retreated back below the 1.5500 level after hitting an 8-week peak during the European session.
Cable reached a high of 1.5537, last seen Jan 2, as the greenback continued to weaken on the back of Yellen testimony, as she didn’t hint at an imminent hike as many had expected. GBP/USD pulled back from highs, but the downside has been contained by the 1.5480 area so far. At time of writing, the pair is trading at 1.5495, still up 0.29% on the day.
GBP/USD technical levels
In terms of technical levels, immediate supports are seen at 1.5480 (intraday support), 1.5445 (daily low) and 1.5411 (10-day SMA). On the flip side, resistances could be found at 1.5537 (daily high), 1.5567 (Jan 2 high) and 1.5582 (100-day SMA).
Cable reached a high of 1.5537, last seen Jan 2, as the greenback continued to weaken on the back of Yellen testimony, as she didn’t hint at an imminent hike as many had expected. GBP/USD pulled back from highs, but the downside has been contained by the 1.5480 area so far. At time of writing, the pair is trading at 1.5495, still up 0.29% on the day.
GBP/USD technical levels
In terms of technical levels, immediate supports are seen at 1.5480 (intraday support), 1.5445 (daily low) and 1.5411 (10-day SMA). On the flip side, resistances could be found at 1.5537 (daily high), 1.5567 (Jan 2 high) and 1.5582 (100-day SMA).