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30 Jun 2014
GBP/USD eases to 1.7920
FXStreet (Edinburgh) - After climbing above the 1.7040 level at the end of the Asian session, the GBP/USD is now testing the 1.7020 area albeit still in the red territory.
GBP/USD in narrow range
Spot is keeping the trade in a narrow range on Monday, looking to consolidate the recent advance beyond the psychological 1.7000 handle. Despite today’s negative performance, the UK data releases were supportive of the pound, with Mortgage Approvals (61.7K ) and Consumer Credit (£0.74 billion) surpassing forecasts. Emmanuel Ng, FX Strategist at OCBC Bank, commented “the GBP-USD has also managed to maintain above a key psychological level (1.7000) partially on the back of the beleaguered dollar but expect some resistance into the 1.7060/80 zone in the very short term”.
GBP/USD relevant levels
At the moment the pair is losing 0.10% at 1.7019 and a breakdown of 1.7007 (low Jun.27) would open the door to 1.7000 (psychological level) and finally 1.6972 (low Jun.26). On the flip side, a the initial hurdle aligns at 1.7052 (high Jun.27) followed by 1.7064 (2014 high Jun.19) and then 1.7100 (psychological level).
GBP/USD in narrow range
Spot is keeping the trade in a narrow range on Monday, looking to consolidate the recent advance beyond the psychological 1.7000 handle. Despite today’s negative performance, the UK data releases were supportive of the pound, with Mortgage Approvals (61.7K ) and Consumer Credit (£0.74 billion) surpassing forecasts. Emmanuel Ng, FX Strategist at OCBC Bank, commented “the GBP-USD has also managed to maintain above a key psychological level (1.7000) partially on the back of the beleaguered dollar but expect some resistance into the 1.7060/80 zone in the very short term”.
GBP/USD relevant levels
At the moment the pair is losing 0.10% at 1.7019 and a breakdown of 1.7007 (low Jun.27) would open the door to 1.7000 (psychological level) and finally 1.6972 (low Jun.26). On the flip side, a the initial hurdle aligns at 1.7052 (high Jun.27) followed by 1.7064 (2014 high Jun.19) and then 1.7100 (psychological level).