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GBP/USD attempted break below 38.2% Fibo of Feb fall

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair made an unsuccessful attempt to break below 1.4154 (38.2% of 1.4669-1.3835) level before making attempt to take out 1.4165 (23.6% of 1.5230-1.3835).

    Awaits breakout

    The spot is largely stuck between the two key Fibo levels. Given the economic calendar is light; there is very little incentive for traders to jump onto either side ahead of the US non-farm payrolls release.

    The UK consumer inflation expectations figure could be ignored as well, since falling inflation expectations is a well know facts. Hence, sideways action may continue unless we have a major shift in the equity market sentiment ahead of the payrolls release.

    GBP/USD Technical Levels

    The immediate support is seen at 1.5154 (38.2% of 1.4669-1.3835), under which the drop could be extended to 1.4125 (Jan 20 low). On the other hand, a break above 1.4165 (23.6% of 1.5230-1.3835) would shift risk in favor of a re-test of NY session high of 1.4194.
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