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GBP/USD breaks below 1.4200

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The selling pressure around the sterling is not giving up today, now dragging GBP/USD below the 1.4200 handle, or session lows.

    GBP/USD in 4-day lows

    Spot is retreating further today, rapidly breaking below the 1.4200 key support following a bout of USD-buying and increasing concerns on ‘Brexit’.

    Furthermore, solid prints from the US calendar, with better-than-expected Non-farm Payrolls and ISM Manufacturing have added extra legs to the decline. Earlier in the morning, UK’s manufacturing PMI have come in short of estimates, weighing on GBP.

    GBP/USD levels to consider

    As of writing the pair is down 1.32% at 1.4173 and a break below 1.4051 (low Mar.18) would open the door to 1.3992 (23.6% Fibo of 1.3833-1.45170 and then 1.3833 (2016 low Feb.29). On the other hand, the next up barrier aligns at 1.4459 (high Mar.31) followed by 1.4517 (high Mar.18) and then 1.4563 (100-day sma).
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