GBP/USD puts 1.4200 under pressure

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The British pound remains vulnerable on Tuesday, now relegating GBP/USD to the boundaries of 1.4200 the figure.

    GBP/USD weaker ahead of US calendar

    The pair has eroded yesterday’s gains and is putting once again the critical 1.4200 support under further pressure, amidst a prevailing risk-off sentiment and ahead of the key US ISM Non-manufacturing, Markit’s Services PMI and Trade Balance figures.

    Previously in the UK, Services PMI has matched initial forecasts at 53.7 during March, ticking higher from February’s 52.7.

    GBP/USD levels to consider

    As of writing the pair is losing 0.43% at 1.4200 and a breakdown of 1.4173 (50% Fibo of 1.3833-1.4517) would aim for 1.4051 (low Mar.16) and then 1.3833 (2016 low Feb.29). On the other hand, the next hurdle lines up at 1.4459 (high Mar.20) ahead of 1.4517 (high Mar.18) and finally 1.4534 (100-day sma).
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