GBP/USD appears on track for a weekly loss

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD has recovered from daily lows to trade largely unchanged on the day around 1.4150, but looks set to end the three-week winning streak.

    US GDP may not matter

    The final US Q4 GDP and core PCE release may result in FX market volatility, but is unlikely to result in a sharp rally in the pair. Moreover, the weekly opening price is 1.4473 and hence the probability of a 300-pip rally in the US session is negligible.

    Heightened Brexit fears and hawkish talk from Fed officials ensured the pair suffered losses for three straight days, erasing the entire post Fed gains.

    GBP/USD Technical Levels

    The immediate hurdle is noted at 1.4154 (38.2% of 1.4669-1.3835), above which the spot could target 1.4192 (5-DMA) - 1.42 levels. On the other hand, breakdown of immediate support at 1.41 would shift risk in favor a drop to 1.4032 (23.6% of 1.4669-1.3835) followed by 1.40 levels.
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