GBP/USD Breaks Below 1.4200

GBP/USD Breaks Below 1.4200

1 April 2016, 16:51
Roberto Jacobs

GBP/USD Breaks Below 1.4200

The selling pressure around the sterling is not giving up today, now dragging GBP/USD below the 1.4200 handle, or session lows.

GBP/USD in 4-day lows

Spot is retreating further today, rapidly breaking below the 1.4200 key support following a bout of USD-buying and increasing concerns on ‘Brexit’.

Furthermore, solid prints from the US calendar, with better-than-expected Non-farm Payrolls and ISM Manufacturing have added extra legs to the decline. Earlier in the morning, UK’s manufacturing PMI have come in short of estimates, weighing on GBP.

GBP/USD levels to consider

As of writing the pair is down 1.32% at 1.4173 and a break below 1.4051 (low Mar.18) would open the door to 1.3992 (23.6% Fibo of 1.3833-1.45170 and then 1.3833 (2016 low Feb.29). On the other hand, the next up barrier aligns at 1.4459 (high Mar.31) followed by 1.4517 (high Mar.18) and then 1.4563 (100-day sma).

(Market News Provided by FXstreet)

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