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GBP/USD Forecast: Bears could comeback ahead of payrolls release

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USD selling ran out of steam in the NY session, courtesy of which the GBP/USD pair drifted lower to 1.4154 (38.2% of 1.4669-1.3835). The spot clocked a high of 1.4194 levels on broad based USD weakness. Cable had dropped in Europe after the data in the UK showed the seasonally adjusted Markit/CIPS UK Services PMI fell to 52.7 in February, from 55.6 in January. The reading was the lowest since March 2013. However, the spot rebounded from 1.4032, which was a confluence of 23.6% of

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