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GBP/USD downside finds support at 1.4160

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling’s decline seems to have found some respite around the 1.4160 area vs. the dollar, with GBP/USD coming down from overnight tops near 1.4220.

    GBP/USD lower on USD, ‘Brexit’

    The pair is accelerating its daily downside today and extending the rejection from recent multi-week peaks just above the 1.4500 handle posted on Friday, in a context where renewed jitters on ‘Brexit’ and a continuation of the buying interest around the dollar keep weighing on GBP.

    In the data space, UK’s Retail Sales are due tomorrow ahead of the festivities of Good Friday and Easter Monday. In the US calendar, New Home Sales are due later ahead of the EIA report and Friday’s Q4 GDP figures.

    GBP/USD levels to consider

    As of writing the pair is down 0.27% at 1.4167 facing the next support at 1.4053 (low Mar.16) followed by 1.4028 (23.6% Fibo of 1.4670-1.3833) and then 1.3833 (2016 low Feb.29). On the other hand, a surpass of 1.4301 (55-day sma) would open the door to 1.4471 (76.4% Fibo of 1.4670-1.3833) and finally 1.4517 (high Mar.18).
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