GBP/USD regains poise, eyes 1.43

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Dollar selling resumed in Europe, pushing the GBP/USD pair back above its hourly 200-MA of 1.4239 and closer to 1.43 levels.

    Hovers below 50-DMA

    The spot is trading around its 50-DMA level of 1.4286 levels. Prices had drifted lower to 1.4221 before European desks hit the markets with fresh USD offers in response to all out dovish Fed event.

    The immediate focus now is on the Bank of England rate decision and minutes release. The central bank is likely to keep rates unchanged along with 9-0 vote count. Post BOE event, focus could shift to weekly jobless claims data.

    GBP/USD Technical Levels

    A break above 1.43 would open doors for a rally to 1.4330 (23.6% of 1.5930-1.3835) and 1.4350 (61.8% of 1.4669-1.3835). On the other hand, a dip below immediate support at 1.4252 (50% of 1.4669-1.3835) would expose 1.4239 (hourly 200-MA) and 1.42 levels.
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