GBP/USD hovers above 38.2% Fibo of February drop

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The dollar selling cooled off in the late NY session, making way for the GBP/USD to drift lower, but the decline is being capped around 1.4154 (38.2% of 1.4669-1.3835).

    Awaits non-farm payrolls

    The main even for the day is the US non-farm payrolls release. The leading indicators released in February and over the last couple of days have painted a mixed picture of the labor market performance in February.

    The markets are expecting the payrolls to show the economy added 190K jobs in February. Ahead of the data release, the spot is at the mercy of overall demand for the US dollars; given the Euroland economic calendar is light.

    GBP/USD Technical Levels

    The pair currently trades around 1.4157. The immediate support is seen at 1.5154 (38.2% of 1.4669-1.3835), under which the drop could be extended to 1.4125 (Jan 20 low). On the other hand, a break above 1.4165 (23.6% of 1.5230-1.3835) would shift risk in favor of a re-test of NY session high of 1.4194.
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