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GBP/USD stronger, focus on 1.4500

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The upbeat tone remains intact around the British pound on Wednesday, with GBP/USD now trading in multi-week highs in the 1.4480/85 band.

    GBP/USD firmer post-data, eyes on ADP

    The pair has now break above the 1.4400 handle on a more sustainable basis, testing the upper end of the range and trading closer to the psychological barrier at 1.4500.

    A positive reading from UK’s Services PMI has supported the renewed bid tone around the sterling, while jitters on ‘Brexit’ seems to be now in the back burner. Ahead in the day, US ADP report is next on tap, with consensus expecting 195K for the month of January.

    GBP/USD levels to consider

    As of writing the pair is up 0.47% at 1.4484 and a breakout of 1.4500 (psychological level) would open the door to 1.4522 (38.2% Fibo of 1.5240-1.4079) and then 1.4752 (55-day sma). On the other hand, the next support aligns at 1.4147 (low Jan.29) followed by 1.4079 (low Jan.20) and finally 1.4000 (psychological level).

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