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GBP/USD weaker, breaks below 1.4100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The British pound keeps losing altitude on Wednesday, now sending GBP/USD back below the 1.4100 critical support.

    GBP/USD softer ahead of UK data

    The pair is retreating for the third consecutive session so far, prolonging the leg lower following the recent rejection from the 1.4460 area (March high). Renewed concerns surrounding ‘Brexit’ has given extra oxygen to the selling sentiment around the sterling, while the better tone in the greenback has been also collaborating with the downside.

    GBP will remain in the limelight ahead in the day, as UK’s Claimant Count Change (-9.1K exp.) and the unemployment rate (5.1% exp.) are due later, all prior to the BoE MPC meeting on Thursday. On the USD-side, the FOMC meeting will set the tone for the pair in the European evening.

    GBP/USD levels to consider

    As of writing the pair is losing 0.41% at 1.4105 and a breakdown of 1.4028 (23.6% Fibo of 1.4670-1.3833) would aim for 1.4000 (psychological level) and finally 1.3836 (multi-year low Feb.29). On the other hand, the initial hurdle lines up at 1.4249 (50% Fibo of 1.4670-1.3833) ahead of 1.4330 (55-day sma) and then 1.4438 (high Mar.11).

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