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GBP/USD: finds takers ahead of UK data, jumps to 1.3950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair had an early look at 1.39 handle before jumping to a daily high of 1.3963 levels ahead of the Q4 UK GDP data release.

    Bid above key Fibo level

    The spot found bids above 1.3924 (76.4% Fibo expansion of July 2014 high-April 2015 low-June 2015 high), however, the bulls are hesitant to push the pair higher above 1.3950 levels. Brexit fears appear to have taken a backseat ahead of the GDP release.

    Markets expect the growth rate to be left unrevised at 0.5%. Absence of major deviations could see investors shift their focus back to the Brexit issue.

    GBP/USD Technical Levels

    The immediate support is seen at 1.3924 (76.4% Fibo expansion of July 2014 high-April 2015 low-June 2015 high), under which the cross may find support at the previous day’s low of 1.3878. On the other hand, a break above the immediate resistance is seen at 1.3963 (hourly chart resistance), which if taken out shall open doors for 1.40 levels.
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