23 Apr 2014
GBP/USD dips back below 1.6800
FXStreet (Córdoba) - The GBP/USD weakened slightly and retreated after the release of the Bank of England latest meeting's minutes.
The BoE minutes showed the MPC voted unanimously to keep rates unchanged, having little impact on the pound. "The BoE minutes were largely uneventful, with the BoE remaining optimistic on growth, noting more downside to near-term inflation, but not seeing much change in their longer-term forecasts", said the TD Securities team.
The GBP/USD failed to hold gains and pulled back from a peak of 1.6835 to below 1.6800, hitting fresh daily low of 1.6794 in recent dealings. The Cable continues to threaten lows, recording a 0.17% loss on the day. The GBP/USD has been unable to break decisively above 1.6840 where it scored a 4 ½-year high last week, despite several attempts.
GBP/USD levels to watch
In terms of technical levels, next supports could be found at 1.6785 (Apr 22 low), 1.6775 (10-say SMA) and 1.6719 (Apr 16 low). On the flip side, resistances are seen at 1.6835/41 (Apr 23, 17 highs), 1.6876 (Nov 2009 high) and 1.6900 (psychological level).
The BoE minutes showed the MPC voted unanimously to keep rates unchanged, having little impact on the pound. "The BoE minutes were largely uneventful, with the BoE remaining optimistic on growth, noting more downside to near-term inflation, but not seeing much change in their longer-term forecasts", said the TD Securities team.
The GBP/USD failed to hold gains and pulled back from a peak of 1.6835 to below 1.6800, hitting fresh daily low of 1.6794 in recent dealings. The Cable continues to threaten lows, recording a 0.17% loss on the day. The GBP/USD has been unable to break decisively above 1.6840 where it scored a 4 ½-year high last week, despite several attempts.
GBP/USD levels to watch
In terms of technical levels, next supports could be found at 1.6785 (Apr 22 low), 1.6775 (10-say SMA) and 1.6719 (Apr 16 low). On the flip side, resistances are seen at 1.6835/41 (Apr 23, 17 highs), 1.6876 (Nov 2009 high) and 1.6900 (psychological level).