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GBP/USD trades below 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    British Pound extended its depreciating trend in Asia, taking the GBP/USD pair well below its 50-DMA located at 1.4303 levels.

    Eyes 50% Fibo

    The pair is now trading within a striking distance from 1.4252 (50% of 1.4668-1.3835). The demand for the US dollars remains intact as many in the markets believe the Fed is likely to surprise with its less dovish/slightly hawkish stance.

    The UK data calendar is light; hence the spot is at the mercy of overall market sentiment. In the US session, the advance retail sales release may influence expectations surrounding tomorrow’s FOMC rate decision.

    GBP/USD Technical Levels

    The pair currently trades around 1.4268. A breakdown of immediate support at 1.4252 (50% of 1.4668-1.3835) would expose 1.42 (psychological figure) and 1.4164 (23.6% of 1.5230-1.3835). On the other side, resistance is seen at 1.4303. A violation there would open doors for 1.4368 (38.2% of 1.5230-1.3835) and 1.4436 (Friday’s high).
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