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GBP/USD struggles after two-week rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    British Pound is struggling to extend gains following two-week rally, leaving the GBP/USD pair comatose above 1.4368 (38.2% of 1.5230-1.3835).

    Data/event heavy week

    The data docket is heavy this week. UK’s employment data and average weekly earnings are due for release on Wednesday. This will be followed by Bank of England (BOE) rate decision, minutes release and Budget statement.

    Meanwhile, Fed’s rate decision on Wednesday could trigger volatility in the FX markets as well. In the meantime, Brexit driven volatility may comeback anytime as the referendum is still two months away.

    GBP/USD Technical Levels

    The spot currently trades around 1.4370. A break below 1.4368 (38.2% of 1.5230-1.3835), under which the pair may drift lower to support at 1.4312 (50-DMA) and 1.4284 (Mar 7 high). On the other hand, immediate hurdle is seen at 1.4436 (Friday’s high), which if taken out would expose resistance at 1.45 and 1.4533 (50% of 1.5230-1.3835).
    For more information, read our latest forex news.
     

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