GBP/USD keeps lows near 1.4130

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling remains on the defensive at the end of the week, relegating GBP/USD to trade in the area of daily lows around 1.4130.

    GBP/USD weaker pre-US GDP

    Spot has retraced most of the recent advance to levels just above the 1.4500 handle, or 4-week peaks, in response to the persistent rally in the greenback and intensified concerns over the likeliness of ‘Brexit’.

    The pair is thus closing the week with losses after three consecutive advances, with the strong rebound from multi-year lows in the 1.3835/30 band finding quite strong a barrier in the 1.4500 neighbourhood.

    GBP/USD levels to consider

    As of writing the pair is down 0.10% at 1.4136 facing the next support at 1.4031 (23.6% Fibo of 1.4670-1.3833) ahead of 1.3833 (2016 low Feb.29) and finally 1.3498 (2009 low Jan.19). On the flip side, a break above 1.4218 (20-day sma) would open the door to 1.4251 (50% Fibo of 1.4670-1.3833) and finally 1.4284 (55-day sma).
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