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GBP/USD above 1.43, Brexit polls shifting in favour of 'remain'

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The pound extended the previous rally against its American counterpart in Europe, taking GBP/USD finally above 1.43 handle amid persistent risk-on sentiment.

    GBP/USD on its way to 100-DMA?

    The GBP/USD pair trades 0.20% higher at 1.4308, retreating from five-day high reached at 1.4316 in the Asian hours. The cable extends its recovery from below 1.41 handle for the third straight session, with the recent rise in the pound largely attributed to the Brexit poll results shifting in favour of the ‘remain’ camp, especially after the treasury analysis on the EU referendum, revealing that a vote to leave would mean Britain would be worse off by £4,300 a year per household.

    Looking ahead, the UK docket remains absolutely empty this session and hence, focus turns towards the US housing data for further incentives on the major. Apart from the data, BOE Governor Carney speech will be closely heard for fresh hints on the UK economic as well as interest rates outlook.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4349/50 (Apr 12 High/ psychological levels), above which 1.4391 (100-DMA) would be tested. On the flip side, support is seen at 1.4268 (1h 20-SMA) below that at 1.4226/24 (20 & 5-DMA).
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