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GBP/USD backs off from 23.6% Fibo level after upbeat US ADP report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/USD pair backed off from the session high of 1.4032 (23.6% of 1.4669-1.3835) after the ADP report released just now showed the private sector employment growth gained pace in February.

    Stays above 1.45

    The better-than-expected US data did strengthen the bid tone around USD; however, it was not strong enough to push the pair below 1.40 levels. Moreover, the downward revision of the previous month’s figure could have played a spoil sport.

    The focus now is on the action in the US stocks. Index futures are pointing to a weak opening due to dip in oil prices. The pair currently trades around 1.4015; up 0.45% on the day.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4032 (23.6% of 1.4669-1.3835), which if taken out would increase the odds of the pair making a go at 1.4079 (Jan 21 low). On the other hand, a break below 5-DMA of 1.3942 would open doors for a sell-off to 1.3835 (Monday’s low).
    For more information, read our latest forex news.

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