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GBP/USD fails around 1.4100 ahead of PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is now losing some of its earlier shine, dragging GBP/USD back to the 1.4065/60 band after clinching highs just above the 1.4100 handle.

    GBP/USD firmer ahead of PMI

    The pair’s upside momentum has run out of steam soon after hitting fresh multi-day peaks above 1.4100 the figure, where sellers have stepped in and sent spot back to the negative territory.

    Next of relevance for the pair will be the always relevant Services PMI in the UK economy, with consensus expecting it to have eased a tad to 55.1 for the month of February.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.05% at 1.4070 and a breach of 1.3836 (multi-year low Feb.29) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009). On the other hand, the next hurdle lines up at 1.4150 (38.2% Fibo of 1.4670-1.3833) followed by 1.4232 (20-day sma) and finally 1.4431 (55-day sma).
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