GBP/USD Turns Positive Above 1.4100

GBP/USD Turns Positive Above 1.4100

24 March 2016, 13:18
Roberto Jacobs

GBP/USD Turns Positive Above 1.4100

The sterling has found strong buying interest around session lows near 1.4050 today, pushing GBP/USD well above the 1.4100 handle.

GBP/USD clinches highs near 1.4140/50

The pair has found decent buying interest around 1.4050 today, quickly recovering the 1.4100 handle and advancing towards the 1.4150 region. Technical levels around 1.4050 in Cable and 0.7950 in EUR/GBP seem to have triggered a strong bid in GBP, reinforced by positive readings from February’s Retail Sales in the UK economy.

Ahead in the session, the US docket will come to the fore, with Initial Claims, Durable Goods Orders and Services PMI, ahead of Friday’s Q4 GDP figures.

GBP/USD levels to consider

As of writing the pair is advancing 0.15% at 1.4137 and a break above 1.4202 (20-day sma) would open the door to 1.4251 (50% Fibo of 1.4670-1.3833) and finally 1.4290 (55-day sma). On the other hand, the next support lines up at 1.4031 (23.6% Fibo of 1.4670-1.3833) ahead of 1.3833 (2016 low Feb.29) and finally 1.3800 (psychological level).

(Market News Provided by FXstreet)

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