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GBP/USD recovers to 1.4350, focus remains on oil

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The GBP/USD pair fails to sustain the recovery attempts and remains within a striking distance of daily lows on the back of renewed oil price sell-off and a broadly higher USD.

    GBP/USD meets fresh offers near 1.4375-80 region

    The GBP/USD pair trades -0.20% lower at 1.4354, having retested session lows struck at 1.4336 in early Europe. The cable came under renewed selling pressure in the recent dealing, after the prices failed to take-out 1.4380-85 resistance zone, while finds support near 1.4335-4401 levels amid rallying European stocks.

    The GBP/USD pair remains weak mainly in response to the renewed sell-off seen in the oil prices, which keeps the bulls away from taking the advantage from the prevalent risk-on market profile. Meanwhile, the US oil is down -1.90%, while Brent is losing -1.44%.

    Amid a lack of fundamental triggers this session, attentions shifts towards Tuesday’s economic calendar, with the US retail sales and PPI data expected to provide fresh impetus ahead of the much awaited FOMC decision on Wednesday.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4380-85 (key resistance zone), above which 1.4400 (round number) would be tested. On the flip side, support is seen at 1.4322 (5-DMA), below that at 1.4271/62 (10-DMA/ 1h-100 SMA).
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