GBP/USD Testing Lows Near 1.4350 Ahead of UK Data
The sterling is giving away part of yesterday’s strong advance and is now sending GBP/USD to test daily lows in the mid-1.4300s.
GBP/USD focus on UK data
Spot
has abandoned the area of 3-week tops above the 1.4400 key barrier and
sparked a leg lower, as the greenback is seen recovering some ground and
market participants seem biased to some profit taking as well.
Later
in the session, UK’s key labour market figures are due, with consensus
expecting the Claimant Count Change to decrease by more than 11K and the
jobless rate to stay put at 5.1%.
GBP/USD levels to consider
As
of writing the pair is down 0.27% at 1.4358 and a breakdown of 1.4247
(55-day sma) would open the door to 1.4092 (38.2% Fibo of 1.3833-1.4517)
and then 1.4004 (low Apr.6). On the other hand, the next up barrier
aligns at 1.4435 (100-day sma) followed by 1.4460 (high Mar.30) and
finally 1.4517 (high Mar.18).
