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18 Mar 2016
GBP/USD: 1.45 is a tough nut to crack
GBP/USD failed to chew through offers around 1.45 twice in the US today, but remains bid heading into the weekend.
Offered at 1.4505
Pair clocked a high of 1.4505 twice in the US session, but fell back each time to near 1.4480 levels. The spot remains around 1.4480 levels and even a weaker-than-expected US Michigan consumer sentiment release has failed to secure a break above 1.45 handle.
The focus now is on speeches from Fed’s Dudley and Rosengren. Trading activity may remain dull heading into the weekend, if policymakers fail to throw a hawkish/dovish surprise.
GBP/USD Technical Levels
A convincing break above 1.45 would expose major resistance at 1.4533 (50% of 1.5230-1.3835) and 1.4578 (Feb 10 high). On the other hand, a breakdown of immediate support at 1.4436 (Mar 11 high) would expose 1.44 and 1.4350 (61.8% of 1.4669-1.3835).
Offered at 1.4505
Pair clocked a high of 1.4505 twice in the US session, but fell back each time to near 1.4480 levels. The spot remains around 1.4480 levels and even a weaker-than-expected US Michigan consumer sentiment release has failed to secure a break above 1.45 handle.
The focus now is on speeches from Fed’s Dudley and Rosengren. Trading activity may remain dull heading into the weekend, if policymakers fail to throw a hawkish/dovish surprise.
GBP/USD Technical Levels
A convincing break above 1.45 would expose major resistance at 1.4533 (50% of 1.5230-1.3835) and 1.4578 (Feb 10 high). On the other hand, a breakdown of immediate support at 1.4436 (Mar 11 high) would expose 1.44 and 1.4350 (61.8% of 1.4669-1.3835).