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GBP/USD challenges 1.4200 on PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The sterling is accelerating its downside today, dragging GBP/USD to the boundaries of the 1.4200 key support.

    GBP/USD lower on USD, PMI

    The pair has given away yesterday’s strong advance to the 1.4320/25 band in response to a solid pick up in the demand for the greenback, all despite UK’s Services PMI has matched expectations during last month and surpassed February’s print.

    GBP is following the generalized downbeat mood in the rest of the risk-associated space, while ‘Brexit’ jitters keeps their downside pressure on sentiment.

    GBP/USD levels to consider

    As of writing the pair is losing 0.20% at 1.4232 and a breakdown of 1.4173 (50% Fibo of 1.3833-1.4517) would aim for 1.4051 (low Mar.16) and then 1.3833 (2016 low Feb.29). On the other hand, the next hurdle lines up at 1.4459 (high Mar.20) ahead of 1.4517 (high Mar.18) and finally 1.4534 (100-day sma).
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