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GBP/USD: bears running out of steam at 23.6% Fibo support

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The British Pound carried forward Tuesday’s weak tone in Asia, but the bears are having a tough time pushing the GBP/USD pair below 1.4178 (23.6% of 1.3835-1.4284).

    Eyes UK data

    The traders await the data in the UK, which is expected to show a rebound in Industrial and manufacturing production in January. Cable snapped its six-day winning streak on Tuesday amid risk-off tone in the markets and on dovish comments from BOE’s Weale.

    The industrial production data could set the tone in the GBP pairs, that is likely to last till NY session ending since the data docket in the US is thin.

    GBP/USD Technical Levels

    The pair currently trades around 1.4190. The immediate hurdle is seen at 1.4252 (50% of 1.4669-1.3835), ahead of a major resistance at 1.4260 (trend line resistance), which if breached shall open doors for 1.4284 (previous day’s high). On the other hand, a break below 1.4178 (23.6% of 1.3835-1.4284) could trigger a drop to 1.4112 (38.2% of 1.3835-1.4284). A break be lower would expose hourly 200-MA currently stationed at 1.4070.
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