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GBP/USD weaker, wobbles around 1.4400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is losing the grip at the beginning of the week, now sending GBP/USD to the lower end of the range around the 1.4400 handle.

    GBP/USD gains capped around 1.4500

    After reaching fresh highs above the 1.4500 handle last week, the pair has sparked a correction lower to the current 1.4400 neighbourhood in response to a better sentiment surrounding the greenback.

    Absent releases and events in the UK economy today, the focus of attention will remain on the US calendar and the speech by Fed’s D.Lockhart, while key UK inflation figures for the last month are due tomorrow.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.57% at 1.4392 facing the next support at 1.4314 (55-day sma) followed by 1.4249 (50% Fibo of 1.4670-1.3833) and finally 1.4200 (20-day sma). On the flip side, a break above 1.4502 (high Mar.17) would expose 1.4670 (high Feb.4) and finally 1.4948 (high Dec.25 2015).
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