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GBP/USD on a back foot below 23.6% Fibo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    British Pound remains on a back foot as Brexit fears raised their ugly head on Tuesday again, keeping the GBP/USD pair below 1.4164 (23.6% of 1.5230-1.3835).

    Eyes UK data ahead of Fed

    The immediate focus is on the UK employment and wage data release, which could influence BOE rate cut bets. UK interest rate markets have pushed up BOE rate cut bets slightly following ECB’s big bazooka last week.

    Post UK data, caution would take over as investors consider the possibility of Fed indicating a possibility of rate hike this year. At the time of writing, the pair was trading around 1.4125; down 0.17% on the day.

    GBP/USD Technical Levels

    A break above immediate hurdle at 1.4164 (23.6% of 1.5230-1.3835), would open doors for rise towards resistance at .4207 (38.2% of 1.3835-1.4463) and 1.4231 (10-DMA). On the other hand, violation at immediate support of 1.4117 (Mar 10 low) would open doors for re-test of daily low of 1.4079 (Jan 21 low), under which spot could drop to 1.40 handle.
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