GBP/USD gives up gains, back below 1.4500

By FXStreet GBP/USD retraced completely intraday UK data-inspired gains and dropped to retest daily lows as the US dollar strengthened during the New York session following Fed Yellen testimony before the US Congress.

GBP/USD was rejected by the 1.4580 zone and turned lower, losing more than 130 pips to a session low of 1.4447. However, the pair found support at the 200-hour SMA and bounced slightly to currently trade at 1.4480, just a few pips above its opening price.

Meanwhile, Janet Yellen continues answering question in the Congress. Among main remarks, Fed Chair said she does not expect that the Fed will face the option to cut rates soon.

GBP/USD levels to watch

As for GBP/USD technical levels, immediate supports are seen at 1.4439 (Feb 10 low), 1.4354/51 (20-day SMA/feb 8 low) and 1.4325 (Feb 2 low). On the other hand, resistances could be found at 1.4577 (Feb 10 high), 1.4657 (50% retracement of Dec-Jan 1.5239-1.4078 fall) and 1.4680 (Jan 6 high).
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Source:: FX Street