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GBP/USD sinks to lows around 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD has given away over a cent since daily peaks in the mid-1.4300s, although it found some support in the 1.4200 neighbourhood for the time being.

    GBP/USD lower on USD-buying

    Spot has seen its upside renewed in the wake of better-than-expected inflation figures in the UK economy during March, managing to post session tops near 1.4350 in early trade.

    However, the fresh bid tone around the dollar put the pair under increased selling pressure, forcing it to retreat to the 1.4200 area albeit failing to break below it.

    Ahead in the NA session, speeches by FOMC’s Williams and Lacker will keep the attention around the greenback.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.16% at 1.4215 with the immediate support 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). On the other hand, a breakout of 1.4460 (high Mar.30) would open the door to 1.4483 (100-day sma) and then 1.4517 (high Mar.18).
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