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21 Apr 2014
GBP/USD testing 1.6800
FXStreet (Edinburgh) -The selling interest seems to be picking up pace around the pound, pushing the GBP/USD to challenge the key support at 1.6800 the figure.
GBP/USD down from 1.6820
Spot is retracing the overnight upside to session tops near 1.6820 although sellers seem to struggle to breach the 1.6800 handle so far. Ahead in the week, the BoE minutes and UK’s Retail Sales will keep traders entertained ahead of next week’s relevant services PMI. “A strong employment report pushed UK rates higher and lifted sterling. The technical indicators we look at do not suggest a significant top is in place. We are more inclined to buy pullbacks that chase the market.BThe magnitude of the pullback we have in mind is $1.6660-80. On the upside, $1.70 beckons and then, perhaps $1.72”, noted analysts at BBH Global Currency Strategy Team.
GBP/USD levels to watch
As of writing the pair is up 0.05% at 1.6802 with the next resistance at 1.6845 (high Nov.18 2009) followed by 1.6879 (high Nov.16 2009) and finally 1.7045 (high Aug.5 2009). On the flip side, a breakdown of 1.6823 (high Feb.17) would open the door to 1.6821 (high Apr.10) and then 1.6721 (low Apr.16).
GBP/USD down from 1.6820
Spot is retracing the overnight upside to session tops near 1.6820 although sellers seem to struggle to breach the 1.6800 handle so far. Ahead in the week, the BoE minutes and UK’s Retail Sales will keep traders entertained ahead of next week’s relevant services PMI. “A strong employment report pushed UK rates higher and lifted sterling. The technical indicators we look at do not suggest a significant top is in place. We are more inclined to buy pullbacks that chase the market.BThe magnitude of the pullback we have in mind is $1.6660-80. On the upside, $1.70 beckons and then, perhaps $1.72”, noted analysts at BBH Global Currency Strategy Team.
GBP/USD levels to watch
As of writing the pair is up 0.05% at 1.6802 with the next resistance at 1.6845 (high Nov.18 2009) followed by 1.6879 (high Nov.16 2009) and finally 1.7045 (high Aug.5 2009). On the flip side, a breakdown of 1.6823 (high Feb.17) would open the door to 1.6821 (high Apr.10) and then 1.6721 (low Apr.16).