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GBP/USD clinches highs near 1.4180

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling has started the week on a positive footing, now lifting GBP/USD to the area of daily highs near 1.4180.

    GBP/USD higher as USD erases gains

    The recent rally in the US dollar seems to be taking a breather on Monday, allowing the current recovery in the pair towards the 1.4180 area. In spite of the rebound, spot remains in the lower end of the recent range following last week’s sell off after the rejection from the 1.4500 neighbourhood on ‘Brexit’ jitters.

    With activity subdued in most of Europe due to Easter Monday, the attention will shift to the US calendar, with PCE, Goods Trade Balance and Personal Income/Spending next on tap.

    GBP/USD levels to consider

    As of writing the pair is advancing 0.29% at 1.4178 facing the next hurdle at 1.4241 (20-day sma) ahead of 1.4355 (76.4% Fibo of 1.3833-1.4517) and finally 1.4517 (high Mar.18). On the flip side, a breach of 1.4092 (38.2% Fibo of 1.3833-1.4517) would open the door to 1.4051 (low Mar.16) and then 1.3833 (2016 low Feb.29).
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