gbpusd

After a wobble in European trade, GBP/USD was better bid in NY on the back not only a weaker dollar but due to the BoE hawks and recent domestic bullish economic data. GBP/USD traded in a range of between 1.4101-1.4171, closing the week off at 1.4152 making for the best gain in eight weeks.

The 200-week moving average is located at 1.4288, (reinforced by the 1.4340/45 recent high and long-term Fibonacci retracement), as a key target through the recent high of 1.4218, ( the 78.6% retracement and a key target through 1.4180 again). A deeper support below 1.4080 comes 1.40 the figure ahead of 1.3890/08, (21-D SMA) and lower, to 1.3840 guards the Feb 9th low is at 1.3765.