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GBP/USD strengthens as JPY sees profit taking

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD is trading on a positive note as JPY crosses (GBP/JPY) are up on profit taking ahead of the weekend.

    Eyes GBP/JPY and UK data

    Pair remains at the mercy of the action in the GBP/JPY cross. Profit taking may gather pace, given the cross has declined almost 1000 pips in last one week.

    Meanwhile, the focus would also be on the UK manufacturing production data, which is likely to show the output contracted in February. Plus, we also have UK trade deficit figures due for release.

    GBP/USD Technical Levels

    The pair clocked a low of 1.4047 levels in Asia before recovering to trade around 1.4070 levels. The immediate hurdle is seen at 1.4095 (61.8% of 1.3835-1.4514) - 1.41, above which the pair could target 1.4154 (38.2% of 1.4669-1.3835). Conversely, a break below 1.4032 (23.6% of 1.4669-1.3835) would expose 1.40, under which next major support is seen at 1.3946 (Feb 29 high).
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