GBP/USD extends gains,eyes 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Cable continued to rise after Wall Street closing bell and printed a fresh daily high at 1.4181. Price remains near the highs, consolidating gains.

    GBP, the top performer

    A stronger pound across the board boosted GBP/USD. On Asian hours it bottomed at 1.4054, the lowest in a week but then bounced to the upside, erasing losses. Recently broke above 1.4155 and climbed toward 1.4200.

    The pair is about to post the first daily gain after falling almost four hundred pips during the previous days. Today’s recovery so far has been unable to bring price back above the 20-day moving average that stands at 1.4205.

    Price action in the forex market so far has been limited today and is expect to be even quieter tomorrow. GBP/USD could see some volatility boost on Friday at 12:30 GMT, when the third lecture of the US 4Q GDP will be release.

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