GBP/USD Weak, Rebounds from 1.4130
The sterling remains entrenched in the negative territory at the beginning of the week, with GBP/USD hovering over the 1.4160/65 band so far.
GBP/USD lower on risk-aversion
Riskier
assets took a hit after the Doha meeting on Sunday yielded no agreement
to freeze the oil production from OPEC and non-OPEC countries, sparking
a wave of selling pressure across the board.
Absent releases in
the UK calendar today, GBP will look for clues in the speech by Governor
M.Carney tomorrow, UK’s labour market figures on Wednesday and Retail
Sales on Thursday.
GBP/USD levels to consider
As
of writing the pair is losing 0.30% at 1.4165 and a breakdown of 1.4004
(low Apr.6) would open the door to 1.3992 (23.6% Fibo of 1.3833-1.4517)
and then 1.3833 (2016 low Feb.29). On the flip side, the initial hurdle
aligns at 1.4208 (20-day sma) would open the door to 1.4253 (55-day
sma) and finally 1.4346 (high Apr.12).
