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GBP/USD regains poise, recovers losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Dollar bears are back in business, pushing GBP/USD back to near 1.4470 from daily low of 1.4410 levels thereby increasing odds of a weekly gain.

    Hovers around 76.4%

    The cross is now attempting to break above 1.4472 (76.4% of 1.4669-1.3835) levels. Profit taking on dollar shorts pushed Cable to a low of 1.4410 earlier today. The subsequent recovery gained pace as the spot moved back above 1.4436 (Mar 11 high).

    Ahead of the weekend, the spot remains at the mercy of the overall market demand for the US dollar. Comments from Fed’s William Dudley and Rosengren may influence the spot as well.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.45 ahead of a major resistance at 1.4533 (50% of 1.5230-1.3835) and 1.4578 (Feb 10 high). On the other hand, a breakdown of immediate support at 1.4436 (Mar 11 high) would expose 1.44 and 1.4350 (61.8% of 1.4669-1.3835).
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