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GBP/USD rebounds and stays above 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After a brief adventure to the vicinity of the 1.4100 handle, GBP/USD has managed to pick up pace and return above the 1.4200 mark.

    GBP/USD volatile on the ECB

    The pair has followed EUR/USD’s drop in the wake of the announcement of further easing measures by the ECB at today’s meeting. However, fresh buyers seem to have turned up in the low-1.4100s, sending spot to the 1.4250.55 band, or session peaks.

    GBP/USD has now turned positive for the day, surpassing yesterday’s tops and on its way to challenge recent peaks above 1.4300 the figure.

    GBP/USD levels to consider

    As of writing the pair is gaining 0.05% at 1.4227 facing the next hurdle at 1.4284 (high Mar.7) followed by 1.4374 (55-day sma) and finally 1.4471 (76.4% Fibo of 1.4670-1.3833). On the flip side, a breakdown of 1.3836 (multi-year low Feb.29) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009).
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