14 Mar 2014
GBP/USD finds buyers at 1.6600
FXStreet (Edinburgh) - The sterling is now following its European counterpart on Friday, pushing the GBP/USD to the 1.6620/25 area after rebounding from 1.6600 the figure.
GBP/USD focus on trade data
The GBP will take centre stage later, as the UK’s external sector figures are due. Prior surveys expect January’s trade deficit to widen to £8.7 billion, putting the sterling under pressure. “Price action above 1.6500 now appears to be forming a tight, flag-like consolidation, which may precede another measured move towards the 1.7050 area”, observed Tim Riddell, Head of Global Markets Research at ANZ.
GBP/USD levels to consider
The pair is now losing 0.12% at 1.6604 with the next support at 1.6594 (low Mar.14) followed by 1.6568 (low Mar.12) and then 1.6500 (psychological level). On the flip side, a breakout of 1.6719 (high Mar.13) would expose 1.6745 (high Mar.10) and finally 1.6785 (high Mar.7).
GBP/USD focus on trade data
The GBP will take centre stage later, as the UK’s external sector figures are due. Prior surveys expect January’s trade deficit to widen to £8.7 billion, putting the sterling under pressure. “Price action above 1.6500 now appears to be forming a tight, flag-like consolidation, which may precede another measured move towards the 1.7050 area”, observed Tim Riddell, Head of Global Markets Research at ANZ.
GBP/USD levels to consider
The pair is now losing 0.12% at 1.6604 with the next support at 1.6594 (low Mar.14) followed by 1.6568 (low Mar.12) and then 1.6500 (psychological level). On the flip side, a breakout of 1.6719 (high Mar.13) would expose 1.6745 (high Mar.10) and finally 1.6785 (high Mar.7).