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GBP/USD firmer, regains 1.4000

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling has recovered the smile today, lifting GBP/USD above the critical 1.4000 handle.

    GBP/USD better bid on EUR/GBP selling

    It seems it is the other way round this week, as GBP/USD remains underpinned by the selling mood hitting EUR/GBP on Tuesday, posting gains for the second session in a row so far.

    Spot has quickly shrugged off the poor print from UK’s manufacturing PMI during February, extending the daily bullish attempt beyond the 1.4000 mark.

    Next on tap will be the US docket, where the ISM Manufacturing is grabbing all the attention, seconded by Markit’s manufacturing PMI and the Economic Optimism index measured by IBD/TIPP.

    GBP/USD levels to consider

    As of writing the pair is gaining 0.58% at 1.4001 with the next hurdle at 1.4250 (20-day sma) followed by 1.4410 (high Feb.19) and finally 1.4444 (55-day sma). On the other hand, 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).
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