23 Jan 2014
GBP/USD back below 1.6600
FXstreet.com (Edinburgh) - The pound is now losing some momentum, pushing the GBP/USD back to the area of the 1.6600 handle on Thursday.
GBP/USD remains bid
After hitting more than 2-year highs at 1.6615, spot sparked a correction lower to the surroundings of 1.6600 the figure, although the broader picture remains bullish for the sterling. The strong prints from the UK labour market on Wednesday continue to hover over the GBP, supporting the current bull run. Camilla Sutton, Chief Strategist at Scotiabank noted the technicals are “mixed and shifting increasingly bullish on the verge of a full-fledge buy signal”.
GBP/USD levels to watch
At the time of writing the pair is up 0.08% at 1.6591 eyeing the initial resistance at 1.6615 (2014 high Jan.23) followed by1.6618 (high Aug.19 2011) and then 1.6660 (high May 3 2011). On the other hand, a breakdown of 1.6558 (low Jan.23) would target 1.6452 (low Jan.22) en route to 1.6400 (low Jan.21).
GBP/USD remains bid
After hitting more than 2-year highs at 1.6615, spot sparked a correction lower to the surroundings of 1.6600 the figure, although the broader picture remains bullish for the sterling. The strong prints from the UK labour market on Wednesday continue to hover over the GBP, supporting the current bull run. Camilla Sutton, Chief Strategist at Scotiabank noted the technicals are “mixed and shifting increasingly bullish on the verge of a full-fledge buy signal”.
GBP/USD levels to watch
At the time of writing the pair is up 0.08% at 1.6591 eyeing the initial resistance at 1.6615 (2014 high Jan.23) followed by1.6618 (high Aug.19 2011) and then 1.6660 (high May 3 2011). On the other hand, a breakdown of 1.6558 (low Jan.23) would target 1.6452 (low Jan.22) en route to 1.6400 (low Jan.21).