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GBP/USD struggling to recover above 1.44 despite weak US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brexit pressure is making it difficult for the GBP/USD pair to move back above 1.44 handle despite of a drop in the Chicago Fed national activity index.

    Trades below 1.44

    Spot made multiple attempts to take out 1.44 in the last couple of hours and now trades around 1.4390 even though Chicago Fed national activity index fell to -0.29. Moreover, the bid tone is struggling to recover as political developments in the UK over the weekend heightened fears of Brexit.

    BOE’s Forbes comments did weigh over Sterling, but failed to push it below the daily low of 1.4375 levels set earlier today. The focus now is on the US existing home sales release.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4436 (Mar 11 high), above which gains a re-test of 1.45 handle looks likely. A break higher would expose 1.4533 (50% of 1.5230-1.3835). Conversely a break below immediate support at 1.4383 (support on daily chart) would expose 1.4252 (50% of 1.4669-1.3835) and 1.4173 (Mar 8 low).
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