GBP/USD Hovers Around 38.2% Fibo
GBP/USD pair is hovering just below 1.4154 (38.2% of 1.4669-1.3835) after having recovered from the low of 1.4133 levels.
Rejected at hourly 200-MA
Spot
made repeated failed attempts to take out hourly 200-MA throughout
European and US session yesterday. This happened despite a slower rise
in the US CPI and dovish comments from Fed officials.
Furthermore,
a drop in the US weekly jobless claims to lowest since 1973 and
heightened brexit fears also capped recovery in the pair. With no major
UK data due for release today, the spot may continue to hover aimlessly
heading in Europe. Later in the day, US industrial production number
could influence the pair.
GBP/USD Technical Levels
The
immediate resistance is seen at 1.4166 (hourly 200-MA), above which the
spot may test 1.42 levels. Next major resistance is seen at 1.4252 (50%
of 1.4669-1.3835). On the other hand, a break below 1.4133 (hourly
chart support) could yield 1.4079 (Jan 21 low), under which next major
support is stationed at 1.4032 (23.6% of 1.4669-1.3835).
(Market News Provided by FXstreet)
