Brexit keeps GBP/USD under pressure below 1.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The GBP/USD pair fell to a fresh multi-year low of 1.3964 as Investors continue to scared out of Sterling positions due to Brexit fears.

    Eyes Brexit related news flow

    Sterling remains at the mercy of the Brexit related news flow, given the absence of a major economic data release in the UK. Brexit polls, whenever they pop up on the wires, are likely to result in a heightened volatility in the GBP/USD pair.

    Later in the day, the US preliminary services PMI figure and new home sales figure could influence the pair. The spot currently trades around 1.3970 levels.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.40 (psychological level), above which the pair could re-test Monday’s low of 1.4057. On the other hand, a breakdown of 1.3964 (daily low) would open doors for a slide to 1.39 levels.
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