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GBP/USD ignores EUR/GBP slide, drops to fresh daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    ECB delivered the goods, pushing the EUR/GBP cross to one-month low, but the move failed to lit a fire under GBP/USD pair, which fell to a new daily low of 1.4148.

    Downside break from the range

    Cable has breached the 63-pip range of 1.4178-1.4241 on the downside post ECB rate decision. The bird was stuck in the range since yesterday’s European session. A sharp sell-off in the EUR/GBP cross failed to support GBP/USD pair, which is usually the case after ECB acts.

    The focus now is on Draghi’s press conference comments. The spot currently trades around 1.4150 levels; down 0.46% on the day.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4117 (hourly 200-MA), under which the pair may slide to 1.4079 (Jan 21 low). On the other hand, immediate hurdle is seen at 1.4178 (23.6% of 1.3835-1.4284), above which the spot could have a go at 1.4241 (previous day’s high + upper end of the range).
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