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GBP/USD: 1.45 is a tough nut to crack

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD failed to chew through offers around 1.45 twice in the US today, but remains bid heading into the weekend.

    Offered at 1.4505

    Pair clocked a high of 1.4505 twice in the US session, but fell back each time to near 1.4480 levels. The spot remains around 1.4480 levels and even a weaker-than-expected US Michigan consumer sentiment release has failed to secure a break above 1.45 handle.

    The focus now is on speeches from Fed’s Dudley and Rosengren. Trading activity may remain dull heading into the weekend, if policymakers fail to throw a hawkish/dovish surprise.

    GBP/USD Technical Levels

    A convincing break above 1.45 would expose major resistance at 1.4533 (50% of 1.5230-1.3835) and 1.4578 (Feb 10 high). On the other hand, a breakdown of immediate support at 1.4436 (Mar 11 high) would expose 1.44 and 1.4350 (61.8% of 1.4669-1.3835).
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