GBP/USD Keeps Lows Near 1.4130

GBP/USD Keeps Lows Near 1.4130

25 March 2016, 12:21
Roberto Jacobs
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GBP/USD Keeps Lows Near 1.4130

The sterling remains on the defensive at the end of the week, relegating GBP/USD to trade in the area of daily lows around 1.4130.

GBP/USD weaker pre-US GDP

Spot has retraced most of the recent advance to levels just above the 1.4500 handle, or 4-week peaks, in response to the persistent rally in the greenback and intensified concerns over the likeliness of ‘Brexit’.

The pair is thus closing the week with losses after three consecutive advances, with the strong rebound from multi-year lows in the 1.3835/30 band finding quite strong a barrier in the 1.4500 neighbourhood.

GBP/USD levels to consider

As of writing the pair is down 0.10% at 1.4136 facing the next support at 1.4031 (23.6% Fibo of 1.4670-1.3833) ahead of 1.3833 (2016 low Feb.29) and finally 1.3498 (2009 low Jan.19). On the flip side, a break above 1.4218 (20-day sma) would open the door to 1.4251 (50% Fibo of 1.4670-1.3833) and finally 1.4284 (55-day sma).

(Market News Provided by FXstreet)

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