25 Feb 2016
USD gathers pace, GBP/USD eyes 1.40 handle
The offered tone around USD gathered pace ahead of the US durable goods data, pushing the GBP/USD pair higher to 1.3990 levels.
Eyes US data
US data is likely to show the corporate spending as represented by the US durable goods orders ticked higher in January. Traders could look through the data if the figure prints in line with the estimates, since the Fed is more focused on the financial market volatility now.
Apart from the US data, Brexit related news flow, if any, could singlehandedly change the intraday moves seen in Cable.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4006 (127.2% Fibo expansion of 1.3878-1.3960-1.3903), above which the pair could test hurdle at 1.4035 (161.8% Fibo expansion). On the other hand, a break below 1.3963 (support on hourly chart) would open doors for a drop to 1.39 levels.
Eyes US data
US data is likely to show the corporate spending as represented by the US durable goods orders ticked higher in January. Traders could look through the data if the figure prints in line with the estimates, since the Fed is more focused on the financial market volatility now.
Apart from the US data, Brexit related news flow, if any, could singlehandedly change the intraday moves seen in Cable.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4006 (127.2% Fibo expansion of 1.3878-1.3960-1.3903), above which the pair could test hurdle at 1.4035 (161.8% Fibo expansion). On the other hand, a break below 1.3963 (support on hourly chart) would open doors for a drop to 1.39 levels.