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GBP/USD dips to lows around 1.4440

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The sterling is following the rest of its risk-associated peers on their way south on Friday, dragging GBP/USD to daily lows in the 1.4440 area.

    GBP/USD upside capped by 1.4500

    The pair is snapping a 2-day positive streak today after failing once again to break above the critical 1.4500 handle. Spot has surrendered part of the recent strong gains in response to a better tone surrounding the US dollar and some profit taking sentiment.

    Nothing expected in the UK economy, whereas the consumer sentiment gauge tracked by the Reuters/Michigan index is only due in the US calendar. Of note as well will be the speeches by FOMCs Rosengren and Bullard.

    GBP/USD levels to consider

    As of writing the pair is up 0.26% at 1.4443 and a breakdown of 1.4348 (61.8% Fibo of 1.4670-1.3833) would target 1.4323 (55-day sma) en route to 1.4164 (20-day sma). On the flip side, the next hurdle lines up at 1.4502 (high Mar.17) ahead of 1.4670 (high Feb.4) and finally 1.4948 (high Dec.25 2015).
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