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GBP/USD weaker, eases to 1.4350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling’s downside is now picking up pace, dragging GBP/USD to test session lows in the mid-1.4300s.

    GBP/USD down from 1.4430

    The pair keeps correcting lower after hitting 3-week highs in the 1.4430 area last week, all amidst a positive start of the greenback ahead of the critical FOMC meeting on Wednesday.

    Data wise in the UK, key labour market releases are due on Wednesday, ahead of Thursday’s BoE MPC meeting. Consensus expects the BoE to remain ‘on hold’ once again, with market expectations of the first rate hike still pointing to mid-2017.

    GBP/USD levels to consider

    As of writing the pair is losing 0.09% at 1.4359 and a breakdown of 1.4249 (50% Fibo of 1.4670-1.3833) would open the door to 1.4171 (20-day sma) and finally 1.3836 (multi-year low Feb.29). On the other hand, the initial hurdle lines up at 1.4438 (high Mar.11) followed by 1.4471 (76.4% Fibo of 1.4670-1.3833) and then 1.4670 (high Feb.4).
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