25 Feb 2016
GBP/USD: finds takers ahead of UK data, jumps to 1.3950
The GBP/USD pair had an early look at 1.39 handle before jumping to a daily high of 1.3963 levels ahead of the Q4 UK GDP data release.
Bid above key Fibo level
The spot found bids above 1.3924 (76.4% Fibo expansion of July 2014 high-April 2015 low-June 2015 high), however, the bulls are hesitant to push the pair higher above 1.3950 levels. Brexit fears appear to have taken a backseat ahead of the GDP release.
Markets expect the growth rate to be left unrevised at 0.5%. Absence of major deviations could see investors shift their focus back to the Brexit issue.
GBP/USD Technical Levels
The immediate support is seen at 1.3924 (76.4% Fibo expansion of July 2014 high-April 2015 low-June 2015 high), under which the cross may find support at the previous day’s low of 1.3878. On the other hand, a break above the immediate resistance is seen at 1.3963 (hourly chart resistance), which if taken out shall open doors for 1.40 levels.
Bid above key Fibo level
The spot found bids above 1.3924 (76.4% Fibo expansion of July 2014 high-April 2015 low-June 2015 high), however, the bulls are hesitant to push the pair higher above 1.3950 levels. Brexit fears appear to have taken a backseat ahead of the GDP release.
Markets expect the growth rate to be left unrevised at 0.5%. Absence of major deviations could see investors shift their focus back to the Brexit issue.
GBP/USD Technical Levels
The immediate support is seen at 1.3924 (76.4% Fibo expansion of July 2014 high-April 2015 low-June 2015 high), under which the cross may find support at the previous day’s low of 1.3878. On the other hand, a break above the immediate resistance is seen at 1.3963 (hourly chart resistance), which if taken out shall open doors for 1.40 levels.