23 Jul 2015
GBP/USD drops further and hits 1-week lows
FXStreet (Córdoba) - The pound dropped further in the market and hit a 1-week low against the US dollar. GBP/USD broke below 1.5525/30 and fell to 1.5515, reaching the lowest since July 14.
GBP/USD changes short-term outlook
Cable is trading below Tuesday’s lows and is opening the doors for more declines if it consolidates under 1.5540. Potential support level might lit at 1.5495 and then 1.5465.
On the opposite direction, if it manages to rise back above 1.5550 it could remove bearish pressure. The upside remains limited by the 1.5670 area that capped the rally last week and also today.
Before weak data for the UK, the pair climbed to test 1.5670 but failed to break and then reversed the trend. First dropped to 1.5580 and took another leg lower after the jobless claims report in the US. Afterwards continue to slide and it was trading at 1.5525, 150 pips below daily highs.
GBP/USD changes short-term outlook
Cable is trading below Tuesday’s lows and is opening the doors for more declines if it consolidates under 1.5540. Potential support level might lit at 1.5495 and then 1.5465.
On the opposite direction, if it manages to rise back above 1.5550 it could remove bearish pressure. The upside remains limited by the 1.5670 area that capped the rally last week and also today.
Before weak data for the UK, the pair climbed to test 1.5670 but failed to break and then reversed the trend. First dropped to 1.5580 and took another leg lower after the jobless claims report in the US. Afterwards continue to slide and it was trading at 1.5525, 150 pips below daily highs.