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GBP/USD recovers to key Fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bid tone around USD weakened, making way for a recovery in the GBP/USD from daily lows to 1.4165 (23.6% of 1.5230-1.3835).

    Eyes hourly 50-MA

    The spot appears on track to re-test the hourly 50-MA located at 1.4180 levels. Dollar demand was back in early Europe as European desks cheered the upbeat payrolls figure released on Friday. However, the greenback bulls lacked the strength to keep the pair weak near its session low of 1.4134.

    As of now the spot is trading around 1.4170. The data calendar in the US is light, hence the pair left at the mercy of Fed speak – Brainard and Stanley Fischer.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4252 (50% of 1.4669-1.3835), above which the pair could test 1.4297 (weekly 10-MA). A break higher would expose 1.4361 (50-DMA). On the other hand, a break below 1.4134 (daily low) could see the pair test post payrolls low of 1.4107. A break lower would expose 1.4032 (23.6% of 1.4669-1.3835).
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