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GBP/USD: On recovery mode, back above key Fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The US desks are offering USD, helping the GBP/USD pair cover the lost ground. The pair has recovered from the low of 1.3878 to trade above 1.39 levels.

    Sits above 76.4% Fibo level

    At 1.3932, the spot is trading just above 76.4% Fibo expansion of July 2014 high-April 2015 low-June 21015 high seen at 1.3924 levels. The risk-off seen in Europe further added to the Brexit-led selling pressure around Sterling.

    However, the offered tone appears to have weakened in the US session. The focus now is on the US data – preliminary services PMI and New home sales figure.

    GBP/USD Technical Levels

    The immediate support is seen at 1.3924 (76.4% Fibo expansion of July 2014 high-April 2015 low-June 21015 high) would open doors for a re-test of the daily low at 1.3878. On the other hand, a break above 1.3963 (resistance on hourly chart) would see the pair test 1.40 handle.
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