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GBP/USD wobbles around 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling is trading on a firmer footing at the end of the week, lifting GBP/USD to attempt a consolidation in the 1.4300 neighbourhood.

    GBP/USD up on risk appetite, UK data

    The better tone in the risk-on space has been sustaining today’s upside bias around the British pound, later supported by positive results from January’s trade balance in the UK economy.

    Spot is deriving further support from the current and deep decline in EUR/GBP, in response to an increasing selling pressure surrounding the single currency.

    GBP/USD levels to consider

    As of writing the pair is gaining 0.11% at 1.4293 facing the next hurdle at 1.4348 (61.8% Fibo of 1.4670-1.3833) followed by 1.4364 (55-day sma) and finally 1.4471 (76.4% Fibo of 1.4670-1.3833). On the flip side, a breakdown of 1.4167 (20-day sma) would aim for 1.4028 (23.6% Fibo of 1.4670-1.38331.3836) and then 1.3833 (2016 low Feb.29).
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