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GBP/USD turns negative near 1.3950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is now quickly depreciating vs. the greenback, sending GBP/USD to session troughs below 1.3950.

    GBP/USD back below 1.4000

    Spot has surrendered around a cent since the earlier spike to the 1.4040 region, after sellers have stepped in and provoked the ongoing pullback to the vicinity of 1.3940.

    The pair is thus returning to the negative territory and opening the door at the same time to a potential re-test of recent multi-year lows in sub-1.3900 levels in case US releases surprise to the upside later in the NA session.

    GBP/USD levels to consider

    As of writing the pair is losing 0.11% at 1.3947 facing the next support at 1.3876 (low Feb.24) ahead of 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009). On the flip side, a break above 1.4340 (20-day sma) would target 1.4508 (55-day sma) en route to 1.4670 (high Feb.4).
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