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GBP/USD keeps falling, 1.41 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The British pound remains well entrenched in the negative territory today, with GBP/USD now testing fresh lows in the 1.4120 area.

    GBP/USD weaker as ‘Brexit’ weighs

    The pair’s march south remains unabated today, fuelled by increasing jitters on a potential ‘Brexit’ scenario following the UK referendum on June 23. Renewed concerns on the likeliness of the UK leaving the European Union have been reignited in response to the comments by London’s mayor B.Johnson, who advocates for a ‘Brexit’ campaign.

    In the meantime, spot is accelerating its bearish trend and remains on its way to challenge the 1.4100 key support, with sterling suffering the biggest drops since 2010.

    GBP/USD levels to consider

    As of writing the pair is retreating 1.74% at 1.4108 and a break below 1.4100 (psychological level) would expose 1.4079 (2016 low Jan.21) and then 1.4049 monthly low February 2009). On the upside, the next resistance lines up at 1.4400 (20-day sma) followed by 1.4522 (38.2% Fibo of 1.5240-1.4079) and finally 1.4579 (55-day sma).
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