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GBP/USD regains bid tone, rises above 1.42

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The British Pound is on the rise again, taking the GBP/USD pair above 1.42 levels, which is largely stuck in a 63-pip range of 1.4178-1.4241 since Wednesday’s European session.

    Stuck in a range

    The pair once again found fresh bids as it neared the lower end of the range in Europe. Prices recovered from the low of 1.4182 and now currently trade around 1.4225 levels. The latest move could be attributed to a positive action in the European stocks and drop in the EUR/GBP cross ahead of the ECB rate decision.

    Ahead in the day, the spot is at the mercy of the ECB rate decision and the resulting action in the EUR/GBP cross. As of now, the pair is trading around 1.4220 levels.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4241 (previous day’s high), above which the spot could test 1.4284 (Mar 7 high). On the other hand, a break below 1.4178 (23.6% of 1.3835-1.4284) would open doors for a slide to 1.4154 (38.2% of 1.4669-1.3835).
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