GBP/USD pushes higher beyond 1.4000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is now (finally) recovering the smile, pushing GBP/USD to fresh daily highs in the 1.4020/25 band.

    GBP/USD in 2-day tops

    The pair is advancing for the second straight session today, posting 2-day peaks above the critical 1.4000 handle following a renewed buying interest around GBP. Collaborating with the risk-on sentiment, European equity markets are extending their march north following a positive open today.

    GBP has gained further ground after ‘Brexit’ fears seem to have alleviated somewhat in light of recent polls favouring the ‘Remain’ vote.

    GBP/USD levels to consider

    As of writing the pair is up 0.32% at 1.4009 with the next hurdle at 1.4340 (20-day sma) followed by 1.4508 (55-day sma) and finally 1.4670 (high Feb.4). On the other hand, a breakdown of 1.3876 (low Feb.24) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009).
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