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GBP/USD rebounds to 1.4130 post-UK data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling has accelerated its rebound from the 1.4080 area vs. the dollar, now pushing GBP/USD back above the 1.4100 mark.

    GBP/USD supported at 1.4080, bid after data

    The pair’s bounce off daily lows is gathering further steam today in response to auspicious results from the UK’s labour market, where the Claimant Count Change has decreased more than expected by 18.0K and Average Earnings inc/ex Bonus have surpassed estimates, expanding 2.1% and 2.2% during January, respectively. Further data saw the jobless rate staying put at 5.1%, in line with forecasts.

    Next of relevance for the pair will be the inflation figures gauged by the CPI figures in the US economy ahead of the FOMC gathering and subsequent press conference by Fed’s Head J.Yellen.

    GBP/USD levels to consider

    As of writing the pair is losing 0.29% at 1.4109 and a breakdown of 1.4028 (23.6% Fibo of 1.4670-1.3833) would aim for 1.4000 (psychological level) and finally 1.3836 (multi-year low Feb.29). On the other hand, the initial hurdle lines up at 1.4249 (50% Fibo of 1.4670-1.3833) ahead of 1.4330 (55-day sma) and then 1.4438 (high Mar.11).

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