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GBP/USD attempting a break above 1.43 on weak US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair is working hard to extend gains above 1.43 levels after the data in the US showed personal income stalled in the festive month of December.

    Trades above hourly 50-MA

    At 1.4304, the spot is currently trading above the confluence of the hourly 50-MA and hourly 100-MA located at 1.43 levels. The data released in the US showed the Income was better but not spent, as saving jumped to its highest since Dec 2012 and the savings rate of 5.5% also was a high since Dec 2012.

    However, the gains in the pair are hard to come. Moreover, the treasury yields too have not responded much to the weaker data. Consequently, the USD has managed to avoid sharp losses. The focus now shifts to the US ISM manufacturing report.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4261 (hourly 200-MA), under which the pair could drop to 1.4200. On the other hand, a break above 1.4316 could see the pair re-test 1.4351 (23.6% of 1.5230-1.4074).
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