GBP/USD extends the drop to 1.4320

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling remains on the defensive on Friday, now sending GBP/USD to the 1.4320 area, or session lows.

    GBP/USD lower post-PMI, focus on US data

    The pair is prolonging its recent downside after being rejected from Wednesday’s peaks near 1.4460, against the backdrop of rising “Brexit’ fears, month-end flows and a pick-up in the risk aversion.

    Collaborating with the downside, UK’s manufacturing PMI has come in below estimates during March. Market participants will now turn their attention towards the US calendar, where the main highlight will be March’s Payrolls (205K exp.).

    GBP/USD levels to consider

    As of writing the pair is down 0.24% at 1.4329 and a break below 1.4287 (20-day sma) would open the door to 1.4254 (61.8% Fibo of 1.3833-1.4517) and finally 1.4051 (low Mar.18). On the other hand, the next up barrier aligns at 1.4451 (high Mar.31) followed by 1.4517 (high Mar.18) and then 1.4565 (100-day sma).

    Trade the nonfarm payrolls & US Employment reports - Live Coverage & Analysis
    For more information, read our latest forex news.

Share This Page

free forex signals