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GBP/USD firmer, wobbles around 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling has recovered the smile today, sending GBP/USD to test fresh daily highs in the 1.4300 neighbourhood.

    GBP/USD firmer ahead of BoE

    The pair is trading in 3-session tops around the 1.4300 handle following a pick up in the risk-on sentiment after yesterday’s dovish tone from the FOMC. Spot is thus advancing for the second consecutive session, extending the bounce off recent lows in the mid-1.4000s. It is worth noting that renewed ‘Brexit’ fears in combination with the release of the UK budget have dragged GBP lower on Wednesday.

    Ahead in the session, the BoE MPC meeting is due, with consensus expecting a repetition of the 9-0 vote favouring a steady stance.

    GBP/USD levels to consider

    As of writing the pair is up 0.24% at 1.4294 facing the next hurdle at 1.4325 (55-day sma) ahead of 1.4438 (high Mar.11) and then 1.4670 (high Feb.4). On the other hand, a breakdown of 1.4153 (20-day sma) would open the door to 1.4028 (23.6% Fibo of 1.4670-1.3833) and finally 1.4000 (psychological level).
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