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GBP/USD sell-off continues, drops to 23.6% Fibo support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Bearish mood on Sterling strengthened one step further, taking the GBP/USD pair lower to 1.4032 (23.6% of 1.4669-1.3835) levels.

    Awaits US Fed minutes

    Traders await US Fed minutes, which could throw a light on a possible timing of the next rate hike. Heading into the event, the bears are likely to remain in control since the latest Brexit poll showed the gap between ‘remain’ vote and ‘leave’ vote narrowed.

    Spot failed to take out 1.4165 (23.6% of 1.5230-1.3835) earlier today following which a wave of selling helped breach key technical levels of 1.4117 and 1.4079. The spot currently trades around 1.4040 levels.

    GBP/USD Technical Levels

    The immediate support is seen at 1.4032 (23.6% of 1.4669-1.3835), under which the spot may test 1.4 handle. A violation there would expose 1.3946 (Feb 29 high). On the other hand, a break above resistance at 1.4079 (Jan 21 low) would shift risk in favor of a re-test of 1.4117 and 1.4165 (23.6% of 1.5230-1.3835).
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