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GBP/USD returns to 1.41 post-NIESR

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The bid tone around the sterling remains unabated today, with GBP/USD now hovering over the 1.4100 handle.

    GBP/USD bid on USD-selling, NIESR

    The offered tone in the greenback keeps acting as the main support for the pair’s upside today, accelerated after US Wholesale Inventories has have contracted 0.5% MoM in February, the biggest drop since 2013.

    Furthermore, UK’s NIESR GDP Estimate has ticked higher to 0.3% for the month of March vs. February’s 0.2% advance (revised from 0.3%), adding extra legs to GBP and eclipsing earlier poor results from Industrial and Manufacturing Production.

    GBP/USD levels to consider

    As of writing the pair is up 0.29% at 1.4098 and a breakout of 1.4250 (20-day sma) would open the door to 1.4460 (high Mar.30) and then 1.4517 (high Mar.18). On the other hand, the immediate support aligns at 1.4004 (low Apr.6) ahead of 1.3992 (23.6% Fibo of 1.3833-1.4517) and then 1.3833 (2016 low Feb.29).
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