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GBP/USD drops further, sinks below 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is quickly losing ground vs. the greenback on Tuesday, sending GBP/USD to post fresh lows in sub-1.4200 levels.

    GBP/USD weaker on ‘Brexit’

    ‘Brexit’ concerns are gathering traction once again today after recent polls in the UK showed the ‘Remain’ and ‘Leave’ votes are practically tied. In addition, falling crude oil prices keep the sentiment in the risk-associated space depressed, prompting spot to rapidly breaks below the 1.4200 support.

    Next of relevance for the sterling will be February’s labour market figures (Wednesday) ahead of the BoE MPC meeting, expected to yield no surprises.

    GBP/USD levels to consider

    As of writing the pair is losing 0.94% at 1.4167 and a breakdown of 1.4116 (low Mar.3) would open the door to 1.4028 (23.6% Fibo of 1.4670-1.3833) and finally 1.3836 (multi-year low Feb.29). On the other hand, the initial hurdle lines up at 1.4343 (55-day sma) ahead of 1.4438 (high Mar.11) and then 1.4471 (76.4% Fibo of 1.4670-1.3833).
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