GBP/USD around 1.4080 on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling keeps the negative note on Thursday, sending GBP/USD to the 1.4070/60 band.

    GBP/USD still negative post-data

    The pair’s decline remains unaltered today despite UK data surprised to the upside during February. In fact, UK’s Retail Sales have contracted less the expected 0.4% inter-month, while Core sales dropped 0.2% on a monthly basis.

    Further data saw BBA’s Mortgage Approvals ticking lower to 45.9K during the last month. In the US docket, Initial Claims, Services PMI and Durable Goods Orders are all due later in the NA session.

    GBP/USD levels to consider

    As of writing the pair is down 0.25% at 1.4080 facing the next support at 1.4031 (23.6% Fibo of 1.4670-1.3833) ahead of 1.3833 (2016 low Feb.29) and finally 1.3800 (psychological level). On the flip side, a break above 1.4202 (20-day sma) would open the door to 1.4251 (50% Fibo of 1.4670-1.3833) and finally 1.4290 (55-day sma).
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