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GBP/USD drops further near 1.4130

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The offered tone around the sterling is now picking up further pace, now sending GBP/USD down to the 1.4130 area, or session lows.

    GBP/USD upside capped near 1.4250

    The pair has come under renewed selling mood during the European morning at the beginning of the week, so far snapping a 5-day positive streak. The upside, however, seems to have run out steam in the mid-1.4200s for the time being, prompting the ongoing leg lower.

    On the US data front, the Fed’s Labor Market Conditions Index is due later, although speeches by Brainard and Fischer are poised to gather more attention instead.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.48% at 1.4154 and a breach of 1.4100 (psychological level) would open the door to 1.4032 (23.6% Fibo of 1.4670-1.3833) and finally 1.3833 (multi-year low Feb.29). On the other hand, the next hurdle lines up at 1.4249 (high Mar.4) followed by 1.4398 (55-day sma) and then 1.4410 (high Feb.19).
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