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17 Mar 2016
GBP/USD regains poise, eyes 1.43
Dollar selling resumed in Europe, pushing the GBP/USD pair back above its hourly 200-MA of 1.4239 and closer to 1.43 levels.
Hovers below 50-DMA
The spot is trading around its 50-DMA level of 1.4286 levels. Prices had drifted lower to 1.4221 before European desks hit the markets with fresh USD offers in response to all out dovish Fed event.
The immediate focus now is on the Bank of England rate decision and minutes release. The central bank is likely to keep rates unchanged along with 9-0 vote count. Post BOE event, focus could shift to weekly jobless claims data.
GBP/USD Technical Levels
A break above 1.43 would open doors for a rally to 1.4330 (23.6% of 1.5930-1.3835) and 1.4350 (61.8% of 1.4669-1.3835). On the other hand, a dip below immediate support at 1.4252 (50% of 1.4669-1.3835) would expose 1.4239 (hourly 200-MA) and 1.42 levels.
Hovers below 50-DMA
The spot is trading around its 50-DMA level of 1.4286 levels. Prices had drifted lower to 1.4221 before European desks hit the markets with fresh USD offers in response to all out dovish Fed event.
The immediate focus now is on the Bank of England rate decision and minutes release. The central bank is likely to keep rates unchanged along with 9-0 vote count. Post BOE event, focus could shift to weekly jobless claims data.
GBP/USD Technical Levels
A break above 1.43 would open doors for a rally to 1.4330 (23.6% of 1.5930-1.3835) and 1.4350 (61.8% of 1.4669-1.3835). On the other hand, a dip below immediate support at 1.4252 (50% of 1.4669-1.3835) would expose 1.4239 (hourly 200-MA) and 1.42 levels.