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GBP/USD jumps to highs near 1.4220

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The sterling met some upside pressure following a positive start of European equities on Monday, with GBP/USD testing highs above the 1.4200 handle.

    GBP/USD eyes on FOMC, UK’s CPI

    The pair is extending the upside momentum at the beginning of the week, rebounding from the mid-1.4000s on Friday to the current 1.4220/25 band amidst a slight bias towards the risk appetite.

    Ahead in the session, UK’s inflation figures are due tomorrow, followed by the BoE’s interest rate decision expected on Thursday. Later today, Governors of the Federal Reserve will hold a closed and unexpected meeting in order to discuss Fed rates.

    GBP/USD levels to consider

    As of writing the pair is up 0.63% at 1.4213 and a breakout of 1.4265 (55-day sma) would open the door to 1.4460 (high Mar.30) and then 1.4517 (high Mar.18). On the other hand, the immediate support aligns at 1.4004 (low Apr.6) ahead of 1.3992 (23.6% Fibo of 1.3833-1.4517) and then 1.3833 (2016 low Feb.29).
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