24 Jul 2014
GBP/USD hits fresh 1-month lows
FXStreet (Córdoba) - The GBP/USD fell further below 1.7000 and printed a fresh 1-month low at the beginning of the New York session as the greenback strengthened on the back of upbeat jobless claims data.
Today’s UK retail sales release was disappointing which in addition to less hawkish than expected BoE minutes published yesterday, weighed on the Cable, pushing it further away its 6-year peak of 1.7190 scored last week.
The pair has fallen for seven trading days in a row, retracing almost 50.0% of its May-July rise between 1.6692/1.7190. Having scored a low of 1.6968, the GBP/USD is currently trading at 1.6975, recording a 0.38% loss on Thursday.
GBP/USD technical levels
In terms of technical levels, the GBP/USD could find next supports at 1.6951 (Jun 25 low), 1.6940 (61.8% Fibo of 1.6692/1.7190) and 1.6919 (Jun 18 low). On the flip side, resistances are seen at 1.7052 (Jul 24 high), 1.7094 (Jul 23 high) and 1.7100/02 (psychological level/20-day SMA).
Today’s UK retail sales release was disappointing which in addition to less hawkish than expected BoE minutes published yesterday, weighed on the Cable, pushing it further away its 6-year peak of 1.7190 scored last week.
The pair has fallen for seven trading days in a row, retracing almost 50.0% of its May-July rise between 1.6692/1.7190. Having scored a low of 1.6968, the GBP/USD is currently trading at 1.6975, recording a 0.38% loss on Thursday.
GBP/USD technical levels
In terms of technical levels, the GBP/USD could find next supports at 1.6951 (Jun 25 low), 1.6940 (61.8% Fibo of 1.6692/1.7190) and 1.6919 (Jun 18 low). On the flip side, resistances are seen at 1.7052 (Jul 24 high), 1.7094 (Jul 23 high) and 1.7100/02 (psychological level/20-day SMA).