6 Jan 2014
GBP/USD retreats further, slides to 1.6350
FXstreet.com (Córdoba) - The GBP/USD started the week on a quiet note hovering around 1.6410 but turned lower as stocks in Asia tumbled and dropped quickly to 1.6350 reaching the weakest level since December 24th. The Pound is so far the worst performer among European currencies.
GBP/USD downside momentum prevails
The short-term trend for the GBP/USD continues to point to the downside. Cable started the week around Friday's lows above 1.6400 but failed to hold. Price broke below 1.6400 and tumbled to 1.6350, reaching a fresh daily low.
From the lows the pair bounced slightly but it was unable to climb back above 1.6370. At the moment of writing trades at 1.6359, 0.25% lower for the day, headed toward the third daily decline in a row.
From 2014 highs at 1.6605 (January 2nd) it has dropped 250 pips, making a strong reversal. To the downside, support levels might lie at 1.6350 (daily low) and 1.6315 (December 20th low) while to the upside potential resistance is located at 1.6415 (session high) and 1.6475 (January 3rd high).
GBP/USD downside momentum prevails
The short-term trend for the GBP/USD continues to point to the downside. Cable started the week around Friday's lows above 1.6400 but failed to hold. Price broke below 1.6400 and tumbled to 1.6350, reaching a fresh daily low.
From the lows the pair bounced slightly but it was unable to climb back above 1.6370. At the moment of writing trades at 1.6359, 0.25% lower for the day, headed toward the third daily decline in a row.
From 2014 highs at 1.6605 (January 2nd) it has dropped 250 pips, making a strong reversal. To the downside, support levels might lie at 1.6350 (daily low) and 1.6315 (December 20th low) while to the upside potential resistance is located at 1.6415 (session high) and 1.6475 (January 3rd high).