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GBP/USD finds support near 1.4220

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling remains on the defensive today, with GBP/USD dropping to session lows in the 1.4220 area.

    GBP/USD lower on steady Carney

    In spite of the current decline, the pair manages to keep the trade in the upper end of the recent range above he 1.4200 mark, hovering over the 50% Fibo retracement of the February down-move.

    In addition, spot kept the composure after comments by Governor Mark Carney passed largely unnoticed amongst traders, stressing that the BoE will not offer any assessment on a ‘Brexit’ scenario.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.16% at 1.4244 and a breach of 1.4188 (20-day sma) would open the door to 1.4079 (low Jan.21) and then 1.3836 (multi-year low Feb.29). On the other hand, the next hurdle lines up at 1.4348 (61.8% Fibo of 1.4670-1.3833) followed by 1.4387 (55-day sma) and finally 1.4410 (high Feb.19).
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