Cable extends the drop on upbeat Philly Fed figure

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bid tone around USD improved, pushing the GBP/USD pair to a fresh daily low of 1.4234 after the Philadelphia non-manufacturing index printed well above estimates.

    Breaks below 50% Fibo support

    As of writing, the spot traded below 1.4252 (50% Fibo of 1.4669-1.3835). The currency pair made an attempt to cut through 1.43 hurdle in the early US session, but failed, following which a fresh sell-off took the pair down to 1.4260.

    Another wave of selling hit the pair after Philly Fed non-manufacturing index for March printed at 13.9. That was a 10.3 points jump from Feb figure. The spot now trades around 1.4246 levels.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4284 (50% Fibo of post Fed rally), above which the spot would make an attempt to cut through offers around 1.43. If successful, the pair could make run at 1.4354 (23.6% of 1.3835-1.4514). On the other hand, a break below 1.4229 (61.8% of 1.4053-1.4514) would expose support at 1.42 and 1.4154 (38.2% of 1.4669-1.3835).
    For more information, read our latest forex news.

Share This Page

free forex signals