GBP/USD – Bears are Back, Drops Below 1.41
GBP bears made their presence felt once again in early Europe, pushing GBP/USD to a session low of 1.4048 levels.
Rejected at hourly 50-MA
Spot
made failed attempts to break above hourly 50-MA, opening doors for a
fresh sell-off in Europe. Once again the move lacked a fundamental
trigger, which highlights the bearish mood surrounding currency.
Brexit
is likely to keep the currency pair offered, as pointed out by FXstreet
analyst Ross Burland. Ahead in the day, US data sets – weekly initial
jobless claims and continuing claims – may influence the pair.
GBP/USD Technical Levels
The
pair currently trades around 1.4080. The immediate hurdle is noted at
1.4140 (hourly 50-MA), above which the spot could target 1.4200 (hourly
100-MA). A break higher would expose hourly 200-MA at 1.4257.
Conversely, acceptance below 1.4079 (Jan 21 low) could send the pair
back to 1.4032 (23.6% of 1.4669-1.3835). Next major support is seen at
1.43.
(Market News Provided by FXstreet)
