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GBP/USD eases further to 1.4260, UK data eyed

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 sterling is trading on a softer note vs. the greenback on Wednesday, with GBP/USD testing lows in the 1.4270/60 band.

    GBP/USD flat ahead of UK jobs figures

    Spot is losing ground since Monday, trading in the area of 2-week lows and coming down from recent peaks above the 1.4500 handle against the backdrop of a better sentiment towards the US dollar.

    GBP will remain in the limelight later today, as UK labour market figures are due. Market participants will closely follow the key wage inflation gauges, although Average Earnings are expected to come a tad lower than their previous readings.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.14% at 1.4273 and a break below 1.4200 (psychological level) would aim for 1.4171 (low Jan.26) and then 1.4147 (low Jan.29). On the upside, the next resistance lines up at 1.4394 (20-day sma) followed by 1.4522 (38.2% Fibo of 1.5240-1.4079) and finally 1.4636 (55-day sma).
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