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GBP/USD keeps falling, breaks below 1.3900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The selling pressure around the sterling is not giving up today, with GBP/USD now breaking below the 1.3900 key support.

    GBP/USD in fresh multi-year lows

    The pair is prolonging its downside to levels last traded in March 2009 below the 1.3900 handle, following an increasing selling interest around GBP along with a better bid tone in the US dollar.

    Data wise in the UK and apart from ‘Brexit’ concerns, Mortgage Approvals tracked by BBA has come in above estimates at 47.5K during January. In the US calendar, New Home Sales and speeches by Fed’s Bullard and Kaplan are expected later.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.88% at 1.3892 and a break below 1.3800 (psychological level) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009). On the upside, the next resistance lines up at 1.4372 (20-day sma) followed by 1.4552 (55-day sma) and finally 1.4670 (high Feb.4).
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