GBP/USD losses altitude to 1.4120

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling is now losing its shine, rapidly dragging GBP/USD to test session lows in the 1.4120 area.

    GBP/USD weaker ahead of Payrolls

    Spot has surrendered yesterday’s stab to the boundaries of the key barrier at 1.4200 the figure sustained by a renewed selling pressure hitting the US dollar.

    Oversold conditions around the British pound in combination with diminished ‘Brexit’ fears and the mentioned USD weakness have all collaborated with the rebound from multi-year lows around 1.3830 posted last week, advancing over 3 cents to Thursday’s peaks.

    Ahead in the session, US Non-farm Payrolls will take centre stage later in the NA session, with consensus expecting a creation of nearly 200K jobs in February.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.35% at 1.4139 and a breach of 1.3836 (multi-year low Feb.29) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009). On the other hand, the next hurdle lines up at 1.4219 (20-day sma) followed by 1.4348 (61.8% Fibo of 1.4670-1.3833) and finally 1.4420 (55-day sma).
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