GBP/USD Tests 50% Fibo Support
Cable
managed to cut through bids around 1.42 and fell to 1.4175 (50% of
1.3835-1.4515) levels as traders continue to ignore slight improvement
in the UK services PMI report.
Eyes US data
The
spot now looks at the US ISM non-manufacturing index, which is likely
to show service sector output ticked higher in March. Traders would also
take a note of employment sub index under ISM figure.
Meanwhile,
overall market sentiment and USD/JPY pair would also influence the
pair. Moreover, sharp drop in the GBP/JPY cross kept GBP/USD under
pressure in early US session and a similar action cannot be ruled out in
the US session.
GBP/USD Technical Levels
The
immediate support at 1.4175 (50% of 1.3835-1.4515) under which prices
could test 1.4154 (38.2% of 1.4669-1.3835). A break lower would expose
1.41 handle. On the other hand, a break above 1.42 would expose 1.4275
(50-DMA), above which prices could test 1.4330 (23.6% of 1.5930-1.3835).
(Market News Provided by FXstreet)
