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GBP/USD offered at 38.2% Fibo level

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD made another failed attempt to take out 1.4154 (38.2% of 1.4699-1.3835) before dropping to 1.4118 levels in Europe.

    Rejected at 1.4182

    Pair jumped to 1.4182 in the NY session amid thin volumes as traders took profits on GBP short positions ahead of the extended weekend.

    However, the NY closing was at 1.4148 and a fresh attempt by bulls to take out the said Fibo level failed as well. The European markets are closed today, hence low volumes and comatose trading activity is likely to be seen ahead of US final Q4 GDP release.

    GBP/USD Technical Levels

    The immediate hurdle is noted at 1.4154 (38.2% of 1.4669-1.3835), above which the spot could target 1.4192 (5-DMA) - 1.42 levels. On the other hand, breakdown of immediate support at 1.42 would shift risk in favor a drop to 1.4032 (23.6% of 1.4669-1.3835) followed by 1.40 levels.
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