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GBP/USD: Bullish move stalls as "In" campaign lead narrows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD is working hard to avoid losses in early Europe after a latest Ipsos Mori poll showed "In" campaign lead narrowed.

    Trades above 38.2% Fibo

    At 1.4376, the spot is sitting a few pips above 1.4368 (38.2% of 1.5230-1.3835). The bullish momentum triggered dovish Yellen ran out of steam as latest poll in the UK showed 49% would vote to remain in the EU at the referendum, 5% less than in a similar poll in February.

    The poll clearly shows public opinion is shifting in favor of Brexit. Nevertheless, the spot remains largely unchanged on the day on broad based USD weakness.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.44, above which the spot could test 1.4475 (inverse head and shoulder neckline hurdle). Conversely, a break below 1.4368 (38.2% of 1.5230-1.3835) would expose 1.4330 (23.6% of 1.5930-1.3835).
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