GBP/USD fails to sustain intraday gains, falls back below 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GBP/USD advanced to daily highs during the European session following a string of mostly upbeat UK data.

    GBP/USD climbed to a peak of 1.4240, but failed to sustain gains and retreated to the 1.4200 area, as markets remain in an overall cautious mode ahead of a series of central banks decisions over the next days. The Federal Reserve and the Bank of England will announce their decisions On Wednesday 16th and Thursday 17th respectively.

    At time of writing, GBP/USD is trading at 1.4198, down 0.1% on the day. Next on tap, US January wholesales inventories data and UK NIESR GDP estimate for the three months to February will be published.

    GBP/USD levels to consider

    In terms of technical levels, next resistances are seen at 1.4282 (Mar 7 high), 1.4337 (50-day SMA) and 1.4393 (Feb 18 high). On the flip side, supports could be found at 1.4172 (Mar 8 low), 1.4106 (Mar 4 low) and 1.4032 (Mar 3 low).
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