GBP/USD Strengthens as JPY Sees Profit Taking
GBP/USD is trading on a positive note as JPY crosses (GBP/JPY) are up on profit taking ahead of the weekend.
Eyes GBP/JPY and UK data
Pair
remains at the mercy of the action in the GBP/JPY cross. Profit taking
may gather pace, given the cross has declined almost 1000 pips in last
one week.
Meanwhile, the focus would also be on the UK
manufacturing production data, which is likely to show the output
contracted in February. Plus, we also have UK trade deficit figures due
for release.
GBP/USD Technical Levels
The
pair clocked a low of 1.4047 levels in Asia before recovering to trade
around 1.4070 levels. The immediate hurdle is seen at 1.4095 (61.8% of
1.3835-1.4514) - 1.41, above which the pair could target 1.4154 (38.2%
of 1.4669-1.3835). Conversely, a break below 1.4032 (23.6% of
1.4669-1.3835) would expose 1.40, under which next major support is seen
at 1.3946 (Feb 29 high).
(Market News Provided by FXstreet)
