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GBP/USD slumps towards 1.4030, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The selling interest around the sterling is now picking up further pace, sending GBP/USD to fresh lows near 1.4030.

    GBP/USD lower post-PMI

    The pair’s downside has gathered further steam after UK’s Services PMI missed expectations during February, coming in at 52.7 vs. 55.1 forecasted and down from January’s 55.6.

    Spot has come under increasing selling pressure after being rejected from multi-day tops just above the 1.4100 handle posted in overnight trading. Previously, and still in the UK, house prices tracked by Nationwide and Halifax have come in below estimates during last month.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.22% at 1.4046 and a breach of 1.3836 (multi-year low Feb.29) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009). On the other hand, the next hurdle lines up at 1.4150 (38.2% Fibo of 1.4670-1.3833) followed by 1.4232 (20-day sma) and finally 1.4431 (55-day sma).
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