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GBP/USD still capped at 1.4300 ahead of Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling keeps alive its march north during the first half of the week, with GBP/USD meandering in the upper-1.4200s for the time being.

    GBP/USD firmer, waits for Yellen

    The pair is advancing for the second consecutive session so far, posting fresh 5-day highs near 1.4300 the figure and propped up by a continuation of the offered tone surrounding the US dollar.

    Ahead in the day, spot will remain under scrutiny via the USD, as market participants will closely follow Yellen’s speech later in the NA session, seconded by Kaplan’s speech and US Consumer Confidence tracked by CB.

    GBP/USD levels to consider

    As of writing the pair is advancing 0.20% at 1.4284 and a break above 1.4355 (76.4% Fibo of 1.3833-1.4517) would expose 1.4517 (high Mar.18) and finally 1.4579 (100-day sma). On the other hand, the immediate support aligns at 1.4092 (38.2% Fibo of 1.3833-1.4517) ahead of 1.4055 (low Mar.24) and then 1.3833 (2016 low Feb.29).

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