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GBP/USD tests 1.4100 on UK data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The British pound has abandoned the area of daily peaks vs. the dollar, with GBP/USD wobbling around 1.4100 following UK’s releases.

    GBP/USD bid despite poor data

    Spot has retreated from session highs near 1.4140 in response to miserable prints from the UK docket, where Industrial and Manufacturing Production have contracted more than expected during February.

    Further data saw the trade deficit widening to nearly £12 billion during the same period. Next on tap for GBP will be the UK’s NIESR GDP Estimate (0.3% prev.), expected later.

    GBP/USD levels to consider

    As of writing the pair is up 0.29% at 1.4098 and a breakout of 1.4250 (20-day sma) would open the door to 1.4460 (high Mar.30) and then 1.4517 (high Mar.18). On the other hand, the immediate support aligns at 1.4004 (low Apr.6) ahead of 1.3992 (23.6% Fibo of 1.3833-1.4517) and then 1.3833 (2016 low Feb.29).
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