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GBP/USD off highs, back below 1.4400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After climbing as high as 1.4450 earlier in the session, GBP/USD has now eased some pips and returned to the 1.4400 neighbourhood.

    GBP/USD attention to US ADP

    Following the rest of its risk-associated peers, the sterling has recovered the ground lost in last week’s sell off, all backed by a generalized offered tone in the US dollar after yesterday’s dovish remarks by Chairwoman Yellen.

    Absent releases in the UK economy today, the centre of attention will be on the US calendar, where the ADP report is due later. Prior surveys expect the US private sector to have added 194K jobs during the last month.

    GBP/USD levels to consider

    As of writing the pair is advancing 0.08% at 1.4396 and a breakout of 1.4517 (high Mar.18) would expose 1.4583 (100-day sma) and finally 1.4670 (monthly high Feb.4). On the other hand, the next support aligns at 1.4278 (55-day sma) followed by 1.4254 (61.8% Fibo of 1.3833-1.4517) and then 1.4051 (low Mar.16).

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