GBP/USD Hovers Around 38.2% Fibo

GBP/USD Hovers Around 38.2% Fibo

15 April 2016, 07:54
Roberto Jacobs

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)

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