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GBP/USD flirting with 1.4100 ahead of US docket

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After a brief adventure to the 1.4030 area, GBP/USD has now returned to the region of session tops near the 1.4100 mark.

    GBP/USD challenges highs around 1.4100

    The pair is confirming its weekly upside momentum today, posting gains since Monday and reverting the multi-year lows seen last week in the 1.3835/30 band, all ahead the US docket. A wave of selling pressure is now hitting the dollar and propelling spot to the upper end of the range in the 1.4100 neighbourhood.

    On the data front, UK’s house prices measured by Nationwide and Halifax have come in lower than expectations, whereas US Factory Orders and the ISM Non manufacturing will be in the limelight later.

    GBP/USD levels to consider

    As of writing the pair is up 0.11% at 1.4093 facing the next hurdle at 1.4150 (38.2% Fibo of 1.4670-1.3833) followed by 1.4232 (20-day sma) and finally 1.4431 (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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