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GBP/USD: bulls working hard extend gains above 1.43

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The bid tone around GBP strengthened after an initial knee-jerk reaction to UK data, pushing the GBP/USD pair to a high of 1.4338, before the struggle to extend gains above 1.43 began.

    Awaits US data and Fed minutes

    Sterling traders now await the US housing starts and building permits figure, which will be released along with the producer price index. Later in the day, the FOMC minutes are due for release. Markets expect minutes to show a rate hike is unlikely to happen in March.

    In the meantime, gyrations in oil price and the resulting effect on broader market sentiment could continue to guide the GBP/USD pair.

    GBP/USD Technical Levels

    The spot sits around 1.4310. The immediate resistance is seen at 1.4351 (23.6% of 1.5230-1.4079), above which the pair could target 1.44 levels. On the other hand, a breakdown of the immediate support at 1.4276 would open doors for a drop to 1.4218 (76.4% of 1.4079-1.4668).
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