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GBP/USD stabilizing around 1.4130

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The sterling keeps the negative tone today, with GBP/USD consolidating in the 1.4135/30 band for the time being.

    GBP/USD supported near 1.4110

    The pair remains on its way to close the first week with losses after three consecutive advances in response to the re-emergence of quite a strong demand for the US dollar. However, GBP seems to have found decent support at technical levels around 1.4050 vs. USD and around 0.7950 vs. EUR.

    Moving forward, the current thin trade and poor volatility is expected to remain in light of Easter Monday holiday in the United Kingdom and several other countries in Europe. Data wise, a light UK docket lies ahead although Q4 GDP figures (Thursday) and Manufacturing PMI (Friday) will keep traders entertained.

    GBP/USD levels to consider

    As of writing the pair is down 0.13% at 1.4132 facing the next support at 1.4031 (23.6% Fibo of 1.4670-1.3833) ahead of 1.3833 (2016 low Feb.29) and finally 1.3498 (2009 low Jan.19). On the flip side, a break above 1.4218 (20-day sma) would open the door to 1.4251 (50% Fibo of 1.4670-1.3833) and finally 1.4284 (55-day sma).
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