GBP/USD: Bears Relentless, Cracks 1.4100
The bears continue to extend their control on the GPB/USD pair in the European session, hammering the prices below 1.41 barrier.
GBP/USD drops below all major DMAs
The
GBP/USD pair drops -0.42% to 1.4100, hovering close to fresh session
lows posted at 1.4095 some minutes ago. The cable extends its downward
spiral into a second day today and came under massive selling pressure
over the last hour as the rising demand for the safe-haven yen almost
killed the bids for higher-yielding currencies such as the GBP.
Moreover,
the GBP/USD pair remains heavily offered also as the US dollar
picked-up significant strength against its major rivals amid improving
risk-appetite on the back of rebounding oil prices. Amid a data-empty UK
docket, the sentiment around the oil and stock markets will continue to
drive the major, while the FOMC minutes due later in the NA session
will also have significant impact on the prices.
GBP/USD Levels to consider
The
pair has an immediate resistance at 1.4186/94 (daily pivot/ 5-DMA),
above which 1.4250 (psychological levels) would be tested. On the flip
side, support is seen at 1.4055/51 (Mar 24 & 16 Low) below that at
1.4000 (key support).
(Market News Provided by FXstreet)
