GBP/USD retakes 1.4200 and above

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling is taking advantage of the weakness around the dollar, lifting GBP/USD to fresh multi-day peaks beyond the 1.4200 handle.

    GBP/USD lost momentum near 1.4230

    The greenback remains on the defensive in spite of the solid results from US Non-farm Payrolls during February (242K), allowing the current rebound of the pair well above 1.4200 the figure and thus recovering further ground after last week’s deep pullback.

    Following the recent significant gains, GBP will face a fairly interesting docket next week, as Industrial/Manufacturing Production figures are due on Wednesday followed by Friday’s Trade Balance results.

    GBP/USD levels to consider

    As of writing the pair is up 0.16% at 1.4212 facing the next hurdle at 1.4348 (61.8% Fibo of 1.4670-1.3833) ahead of 1.4421 (55-day sma) and then 1.4670 (high Feb.4). On the other hand, a break below 1.3836 (multi-year low Feb.29) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009).
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