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GBP/USD pushing higher near 1.4340

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is now gathering further traction, lifting GBP/USD to test daily highs near 1.4340.

    GBP/USD boosted post-UK data

    The pair is now advancing nearly a cent after earlier troughs in the vicinity of 1.4240, as GBP seems to have found extra legs in the wake of mixed results from UK’s labour market figures. In fact, despite UK’s wage growth remains subdued, employment figures showed the highest level since 1971.

    Next of relevance for the pair will be the US docket, with Industrial Production is taking centre stage ahead of the FOMC minutes.

    GBP/USD levels to consider

    As of writing the pair is up 0.21% at 1.4324 with the next hurdle at 1.4394 (20-day sma) followed by 1.4522 (38.2% Fibo of 1.5240-1.4079) and finally 1.4636 (55-day sma). On the other hand, a breach of 1.4200 (psychological level) would aim for 1.4171 (low Jan.26) and then 1.4147 (low Jan.29).
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