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GBP/USD weaker, drops below 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD is now losing some altitude after climbing as high as the 1.4280 area late in the NA session on Monday.

    GBP/USD lower on USD-buying

    The re-emergence of the demand for the US dollar is driving spot lower today, breaking below the 1.4200 key support ahead of the speech by Chairwoman J.Yellen later in the NA session. Market consensus sees Yellen delivering a cautious tone following recent comments by FOMC peers leaving the door open for a potential rate hike at the April meeting.

    Nothing worth mentioning data wise in the UK today, where the next significant release will be the Q4 GDP figures due on Thursday (1.9% YoY, 0.5% QoQ exp.).

    GBP/USD levels to consider

    As of writing the pair is retreating 0.34% at 1.4207 and a breach of 1.4092 (38.2% Fibo of 1.3833-1.4517) would open the door to 1.4055 (low Mar.24) and then 1.3833 (2016 low Feb.29). On the other hand, the net up barrier aligns at 1.4282 (high Mar.28) ahead of 1.4355 (76.4% Fibo of 1.3833-1.4517) and finally 1.4517 (high Mar.18).

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