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GBP/USD dips below 1.43 in Asia

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 bearish tone around GBP remained intact in Asia, pushing the GBP/USD pair below 1.43 levels as Brexit fears and low inflation continue to scare investors out of Sterling positions.

    Eyes UK labor data

    Investors await the UK data, which would show wage growth slowed further in three months to December. The unemployment rate is seen dipping further to 5% from 5.1%. Labor market figures come a day after the data showed the core inflation slowed in January.

    Weak UK wage growth figures could amplify bearish tone around Sterling. Later today, Fed minutes would be due for release. The spot currently trades around 1.4290.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4276 (previous day’s low), under which the losses could be extended to 1.4218 (76.4% of 1.4079-1.4668). On the other hand, a break above 1.4304 (61.8% of 1.4079-1.4668) could see the pair re-test 1.4351 (23.6% of 1.5230-1.4079).
    For more information, read our latest forex news.
     

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