10 Mar 2016
GBP/USD ignores EUR/GBP slide, drops to fresh daily lows
ECB delivered the goods, pushing the EUR/GBP cross to one-month low, but the move failed to lit a fire under GBP/USD pair, which fell to a new daily low of 1.4148.
Downside break from the range
Cable has breached the 63-pip range of 1.4178-1.4241 on the downside post ECB rate decision. The bird was stuck in the range since yesterday’s European session. A sharp sell-off in the EUR/GBP cross failed to support GBP/USD pair, which is usually the case after ECB acts.
The focus now is on Draghi’s press conference comments. The spot currently trades around 1.4150 levels; down 0.46% on the day.
GBP/USD Technical Levels
The immediate support is seen at 1.4117 (hourly 200-MA), under which the pair may slide to 1.4079 (Jan 21 low). On the other hand, immediate hurdle is seen at 1.4178 (23.6% of 1.3835-1.4284), above which the spot could have a go at 1.4241 (previous day’s high + upper end of the range).
Downside break from the range
Cable has breached the 63-pip range of 1.4178-1.4241 on the downside post ECB rate decision. The bird was stuck in the range since yesterday’s European session. A sharp sell-off in the EUR/GBP cross failed to support GBP/USD pair, which is usually the case after ECB acts.
The focus now is on Draghi’s press conference comments. The spot currently trades around 1.4150 levels; down 0.46% on the day.
GBP/USD Technical Levels
The immediate support is seen at 1.4117 (hourly 200-MA), under which the pair may slide to 1.4079 (Jan 21 low). On the other hand, immediate hurdle is seen at 1.4178 (23.6% of 1.3835-1.4284), above which the spot could have a go at 1.4241 (previous day’s high + upper end of the range).