GBP/USD snaps 5-day winning streak
Fiona Cincotta February 17, 2020 9:44 AM
GBPUSD a break above 50 sma or belolw 100 sma to decide furter direction.
GBP/USD has slipped 0.2% across the morning session, slipping off 10-day highs after failing to break its 100 day moving average after Boris Johnson said he is not expecting anything special from EU talks.
Dollar holds steady
The US dollar is holding steady versus its major peers and fears over coronavirus ease and as investors look ahead to a quiet week on the data front. The release of the minutes from the January FOMC is expected to be a highlight and even then, no surprises are forecast. The Fed have re-affirmed their stance several times across recent weeks meaning the minute are not expected to unveil anything news.
Levels to watch:
Bull are awaiting a move above the 50 sma, in the meantime $1.30 is offering strong support. GBP/USD trades above its 200 & 100 sma. A move below the 100 sma could put the bears back in control
GBP/USD is testing support at $1.3009, the daily low. A breakthrough here could open the doors to $1.2943(13th Feb low) and $1.2917 (100 sma) before $1.2871 (Feb low)
On the upside resistance stands at $1.3053 (daily high) before $1.3070 (50 sma). A meaningful move above here could see resistance of $1.32 (high 3rd Feb) being tested.
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