GBP/USD reverts the drop to 1.3920, tests 1.4000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling has rapidly reverted the drop to session lows near 1.3920 vs. the dollar, with GBP/USD now posting daily peaks in the 1.4000 neighbourhood.

    GBP/USD attention to US ADP

    The pair has managed to come back from the 1.3920 area posted in the wake of the poor print from UK’s Construction PMI, advancing to session highs in the vicinity of 1.4000 the figure where it is now trying to consolidate ahead of the key US ADP report (190K exp.).

    In the meantime, ‘Brexit’ rumours seems to have allayed somehow today, allowing the ongoing rebound along with the usual stop-triggering.

    GBP/USD levels to consider

    As of writing the pair is up 0.33% at 1.4002 with the next resistance at 1.4251 (20-day sma) followed by 1.4410 (high Feb.19) and finally 1.4444 (55-day sma). On the other hand, a breakdown of 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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