GBP/USD snaps 5-day winning streak
Fiona Cincotta February 17, 2020 9:44 AM
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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