GBP/USD weaker, around 1.4340 on PMI

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling is trading on a weaker note today, with GBP/USD hovering over the 1.4350/55 band.

    GBP/USD keeps the red on UK data

    The pair has posted losses in the last three sessions, coming back from recent highs in the 1.4460 area (Wednesday) although renewed ‘Brexit’ jitters have been weighing on GBP as of late.

    In addition, UK’s Manufacturing PMI has come in below expectations at 51.0 for the month of March vs. forecasts for 51.2 and February’s 50.8. Ahead in the day, March’s US Non-farm Payrolls will grab all the attention followed by the ISM Manufacturing and the Reuters/Michigan Index.

    GBP/USD levels to consider

    As of writing the pair is down 0.17% at 1.4341 and a break below 1.4287 (20-day sma) would open the door to 1.4254 (61.8% Fibo of 1.3833-1.4517) and finally 1.4051 (low Mar.18). On the other hand, the next up barrier aligns at 1.4451 (high Mar.31) followed by 1.4517 (high Mar.18) and then 1.4565 (100-day sma).

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