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GBP/USD back and forth around 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD continues to search for direction on Wednesday, having seesawed between small intraday losses and gains as investors maintain a cautious tone ahead of a string of central banks decisions.

    GBP/USD reached highs in the 1.4240 area during the European session but it was rejected and briefly fell back below the 1.42 mark. However, the downside was contained by the 1.4185 area and the pair resumed the rise. At time of writing, GBP/USD is trading at 1.4225, a few pips above its opening price.

    On the data front, UK manufacturing and industrial data for January came in mostly above expectations during the European session, while the NIESR GDP estimate for the three months to February slowed to 0.3% from 0.4% the previous month.

    GBP/USD levels to watch


    In terms of technical levels, next resistances are seen at 1.4282 (Mar 7 high), 1.4337 (50-day SMA) and 1.4393 (Feb 18 high). On the other hand, supports could be found at 1.4172 (Mar 8 low), 1.4106 (Mar 4 low) and 1.4032 (Mar 3 low).
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