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GBP/USD accelerates higher, breaks above 1.4050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Following a short-lived pullback at the beginning of the New York session, GBP/USD resumed its daily rise and climbed to fresh highs as the greenback failed to sustain post-ADP gains.

    GBP/USD broke above the 1.4050 level and accelerated toward a fresh high of 1.4067, last seen Feb 23. Cable is rising for third day in a row, after hitting multi-year lows in the 1.3835 area amid Brexit fears. At time of writing, the pair is trading at 1.4055, recording a 0.75% daily gain.

    GBP/USD levels to watch

    In terms of technical levels, immediate resistances are seen at 1.4100 (psychological level) and 1.4155 (Feb 23 high). On the flip side, supports could be faced at 1.3903 (Mar 1 low), 1.3835 (7-year low, Feb 29) and 1.3653 (monthly low March 2009).
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