GBP/USD off 2-week lows, back at 1.2435

Dhwani Mehta FXStreet

The bears loosened grip on the pound in the European session, allowing a solid bounce in GBP/USD from fresh two-week lows struck at 1.2385 in the last hour.

The latest recovery attempt in the major once again meets stiff resistance near 1.2435 region, as the relief rally in the treasury yields curbs the demand for the pound as an alternative higher-yielding currency.

Cable’s recovery from the Asian low lost steam near 1.2435 region, as the bears regained control, with the European traders selling-off sterling amid increased speculation of another Scottish independence referendum on the cards next month.

Attention now remains on the US durable goods data, which is considered a proxy to the GDP report, and pending home sales data lined up for release later in the NA session.

GBP/USD Levels to consider

At 1.2430, the resistances are aligned at 1.2457/61 (10 & 5-DMA) and 1.2475 (20-DMA) and below that at 1.2500 (zero figure). On the flip side, the supports are lined up at 1.2385 (2-week low) and 1.2371 (daily S1) and below that at 1.2350 (psychological levels).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	Shrinking
1H	Bearish	Neutral	High
4H	Bearish	Overbought	High
1D	Strongly Bearish	Neutral	Low
1W	Bearish	Neutral	Low
Updated Feb 23, 12:15 GMT

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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