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GBP/USD supported by 23.6% Fibo ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Risk-off in Asia weighed over GBP/USD but failed to push it through support at 1.4330 (23.6% of 1.5930-1.3835) levels.

    Eyes UK data

    Traders await the UK manufacturing PMI release, which is expected to show the rate of expansion in the activity improved in March. CBI total trends survey released on March 21st had also shows a slight improvement.

    Later in the day, the non-farm payrolls report would dominate the wires, although trading decision are more likely to be influenced by wage growth figures.

    GBP/USD Technical Levels

    The spot currently trades around 1.4340. The immediate hurdle is noted at 1.4354 (23.6% of 1.3835-1.4514), above which the spot could test resistance at 1.4404 (Mar 29 high) and 1.4459 (Mar 30 high). Conversely, a breakdown of immediate support at 1.4330 (23.6% of 1.5930-1.3835) would expose 1.43 under which losses could be extended to 1.4243 (hourly 200-MA).
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