GBP/USD: Impulsive bullish move stalls around 1.45

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    A sharp impulsive bullish move in GBP/USD pair failed once again in Asia to chew through offers placed around 1.45 levels, although losses remain capped as markets have turned bearish on USD.

    Trades below 76.4%

    Prices currently trade just below 1.4472 (76.4% of 1.4669-1.3835) levels. Prices clocked a high of 1.4503 in NY session before falling back to 1.4470 levels. Another wave of USD selling hit the markets in Asia amid rally in stocks, but the spot again failed to take out 1.45 levels.

    The data calendar in light, with just BOE quarterly bulletin scheduled for release. The pair is also exposed to profit taking move ahead of the weekend.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.45 ahead of a major resistance at 1.4533 (50% of 1.5230-1.3835) and 1.4578 (Feb 10 high). On the other hand, a breakdown of immediate support at 1.4436 (Mar 11 high) would expose 1.44 and 1.4350 (61.8% of 1.4669-1.3835).
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