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GBP/USD prints fresh daily lows, ignores US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    US dollar continues its good run ahead of Fed rate decision, pushing the GBP/USD pair to a fresh session low of 1.4053 despite weaker US data releases.

    Hovers around 61.8% fibo support

    The spot currently trades around 1.4065 (61.8% of 1.3835-1.4436) levels. Traders looked through a weaker –than-expected February industrial production data release. The previous month’s figure was revised lower a well. Capacity utilization also printed lower than estimates.

    However, markets remain focused on FOMC rate decision. Investors are preparing for a possibility of a hawkish Fed, hence the bid tone around USD remains strong.

    GBP/USD Technical Levels

    A break above immediate hurdle seen at 1.4135 (50% of 1.3835-1.4436) would expose 1.4159 (daily high) – 1.4164 (23.6% of 1.5230-1.3835), which if toppled out could see prices re-test 1.4220 (falling trend line hurdle). On the other hand, a violation of immediate support at 1.4065 (61.8% of 1.3835-1.4436) could see prices drift lower to 1.4032 (23.6% of 1.4669-1.3835). A break lower would expose 1.40 handle.
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