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GBP/USD challenges 1.4100, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is now wobbling around the 1.4100 handle vs. the greenback, with GBP/USD correcting lower from overnight tops in the 1.4160/50 band.

    GBP/USD still vulnerable, focus on Carney

    While ‘Brexit’ fears are far from abated, the British pound has managed to bounce off yesterday’s fresh multi-year lows near 1.4050 and advance nearly a cent following the NA close.

    Market participants have perceived PM D.Cameron’s speech on Monday as stronger than expected, particularly when confronted with London’s mayor B.Johnson, giving some respite to GBP and allowing a rebound in spot.

    While the sterling remains vulnerable against the backdrop of ‘Brexit’ fears, today’s speech by BoE’s Carney before the Treasury Select Committee Hearing and the lecture by A.Haldane will grab all the attention.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.28% at 1.4107 and a break below 1.4058 (low Feb.22) would expose 1.4000 (psychological level) and then 1.3931 (monthly low July 2001). On the upside, the next resistance lines up at 1.4298 (high Feb.22) followed by 1.4393 (20-day sma) and finally 1.4509 (38.2% Fibo of 1.5240-1.4058).
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