GBP/USD retraces most of its daily gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD retraced most of its intraday gains over the last hours after being rejected from above 1.4000.

    GBP/USD came under renewed pressure after data showed UK PMI for February came in at 50.8 below the 52.2 expected. GBP/USD turned lower after hitting a peak of 1.4017 and retreated all the way back to the 1.3920 zone. At time of writing, the pair is trading at 1.3940, still 0.18% above its opening price.

    Meanwhile, US dollar virtually ignored the ISM Manufacturing index, which rose to 49.5, beating slightly expectations of 48.5 in February.

    GBP/USD levels to watch

    In terms of technical levels, immediate resistances are seen at 1.4017 (Mar 1 high), 1.4041 (Feb 26 high) and 1.4115 (10-day SMA). On the flip side, supports could be faced at 1.3908 (Mar 1 low), 1.3835 (7-year low, Feb 29) and 1.3653 (monthly low March 2009).
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