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GBP/USD accelerates the breach of 1.41

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is now quickly losing the temper vs. the dollar, sending GBP/USD further south of the 1.4100 handle.

    GBP/USD falls further on risk aversion

    A continuation of the risk-off sentiment plus ‘Brexit’ fears continue to hurt the British pound (FT’s poll of polls shows 45% ‘Stay’, 42% ‘Leave’), forcing the pair to trade in multi-day lows in the 1.4080 area and in turn eroding last week’s strong advance.

    In the meantime, spot intensifies the weekly decline after hitting fresh tops around 1.4460 in late March.

    In the data space, the next event in the UK docket will be Industrial/Manufacturing Production and the NIESR GDP Estimate due on Friday. Back to the US, today’s FOMC meeting will gran all the attention.

    GBP/USD levels to consider

    As of writing the pair is losing 0.52% at 1.4087 and a breakdown of 1.4051 (low Mar.16) would expose 1.4000 (psychological level) and finally 1.3833 (2016 low Feb.29). On the other hand, the next hurdle lines up at 1.4274 (55-day sma) ahead of 1.4460 (high Mar.30) and finally 1.4517 (high Mar.18).
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