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GBP/USD retreats from 1.4180

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The British pound is giving away part of its earlier spike to daily highs near 1.4180 vs. the dollar, with GBP/USD now revisiting the 1.4160 area.

    GBP/USD focus on US releases

    Spot is trading on a positive note on Easter Monday against the backdrop of thin trade and scarce volatility, fading part of the initial bull run towards the vicinity of 1.4200 the figure.

    Moving forward, US Pending Home Sales are due next, followed by inflation figures tracked by the PCE and Personal Income/Spending. In the UK calendar, key GDP figures for the fourth quarter are due on Thursday, with consensus pointing to 1.9% YoY and 0.5% QoQ.

    GBP/USD levels to consider

    As of writing the pair is advancing 0.24% at 1.4171 facing the next hurdle at 1.4241 (20-day sma) ahead of 1.4355 (76.4% Fibo of 1.3833-1.4517) and finally 1.4517 (high Mar.18). On the flip side, a breach of 1.4092 (38.2% Fibo of 1.3833-1.4517) would open the door to 1.4051 (low Mar.16) and then 1.3833 (2016 low Feb.29).
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