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GBP/USD turns positive near 1.4230

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is alternating gains with losses on Thursday, taking GBP/USD to the boundaries of the 1.4230 area.

    GBP/USD supported near 1.4180

    After a brief test to daily lows in the 1.4180 area, the pair has regained the 1.4200 handle and beyond, where it is now looking to consolidate. GBP will also be under the microscope later in the Old Continent, as the upcoming ECB meeting will be a key driver in EUR/GBP’s price action.

    Looking to tomorrow’s docket in the UK, the Trade Balance figures will be in the limelight against a vacuum of relevant releases in the US economy.

    GBP/USD levels to consider

    As of writing the pair is gaining 0.04% at 1.4226 facing the next hurdle at 1.4284 (high Mar.7) followed by 1.4374 (55-day sma) and finally 1.4471 (76.4% Fibo of 1.4670-1.3833). On the flip side, a breakdown of 1.3836 (multi-year low Feb.29) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009).
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