GBP/USD on front foot, eyes nears 5-DMA hurdle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD is trading on a front foot in early Europe, with eyes set on the 5-DMA hurdle seen at 1.4148 levels.

    Eyes US data

    European desks remain closed on account of Easter Monday holiday; hence trading volumes are likely to remain low. FX markets await US data due later today, which is expected to show personal income and spending growth slowed in February.

    US desks did not get an opportunity to respond to upwardly revised GDP released on Friday, thus it may come into play today.

    Cable snapped three-week winning streak by ending lower at 1.4134 levels on Friday due to hawkish talk from Fed officials and heightened Brexit fears.

    GBP/USD Technical Levels

    The spot sits around 1.4140. Acceptance above 1.4154 (38.2% of 1.4669-1.3835) – 1.4165 (1.5230-1.3835) would open doors for a rise to 1.42 handle. On the other hand, a break below hourly 50-MA at 1.4129 could shift risk in favor of a drop to 1.4079 (Jan 21 low).
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