Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/USD attracts buying interest, 38.2% fibonacci eyed

• GBP/USD recovered  from early decline on Wednesday  after Britain's new finance minister unveils first budget.

•   Britain's new finance minister Rachel Reeves announced the biggest tax increases in three decades in her first budget.

• Reeves said she would raise taxes by 40 billion pounds a year  much of it falling on businesses - to cover a 22 billion-pound shortfall inherited by her Labour Party.

• At GMT 15:50 the pair was trading up 0.02% at 1.3018 recovering from daily low.

•   Immediate resistance is located at 1.3154( 38.2%fib), any close above will push the pair towards 1.3231(Sep 6h high)

•  Strong support is seen at 1.3022(50%fib) and break below could take the pair towards 1.3000(Psychological level).

  Recommendation: Good to buy around 1.3000 , with stop loss of 1.2920 and target price of 1.3100

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.