GBP/USD Stuck at 50% Fibo

GBP/USD Stuck at 50% Fibo

28 March 2016, 12:11
Roberto Jacobs

GBP/USD Stuck at 50% Fibo

Cable is having a tough time cutting through 1.4175 (50% of 1.3835-1.4515) levels amid thin volumes ahead of the US personal spending and income report release.

Awaits US data

The data due later today is expected to show personal spending and income growth slowed down in February. The data comes after a report released on Friday showed US Q4 GDP priced up higher than previously estimated, largely due to personal consumption.

Consequently, personal spending figure could affect April/June rate hike bets and influence broad based USD demand.

The pair recovered from the low of 1.4120 and took out 5-DMA hurdle to print a session high of 1.4178 and now hovers around 1.4172 levels.

GBP/USD Technical Levels

Acceptance above 1.4175 (50% of 1.3835-1.4515) would open doors for a look at 1.42 followed by a possible test of 1.4266 (50-DMA). Conversely, violation at 1.4155 (5-DMA support) would expose 1.41 handle and 1.4079 (Jan 21 low).

(Market News Provided by FXstreet)

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