GBP/USD Trades Below 1.41 Ahead of UK Data

GBP/USD Trades Below 1.41 Ahead of UK Data

24 March 2016, 09:07
Roberto Jacobs

GBP/USD Trades Below 1.41 Ahead of UK Data

GBP/USD stays on the back foot below 1.41 handle with traders awaiting UK retail sales data release followed by US durable goods orders release in the US session.

Post Fed gains erased

Cable has erased the entire post Fed gains on heightened Brexit fears and hawkish talks from Fed officials. At 1.4090, the spot is trading well below 1.4120 - a level seen ahead of the FOMC rate decision.

Whether the pair extends the losing streak or undergoes a technical correction ahead of the extended weekend depends on the data releases in the UK and US. Comments from Fed’s would be watched out by markets as well.

GBP/USD Technical Levels

The immediate support is seen at 1.4079 (Jan 21 low), under which the pair could test 1.4032 (23.6% of 1.4669-1.3835) – 1.40 levels. On the other hand, a break above 1.41 would expose hurdle at 1.4154 (38.2% of 1.4669-1.3835) – 1.4160 (rising trend line hurdle). A violation there would shift risk in favor of a rise to 1.42 handle.

(Market News Provided by FXstreet)

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