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9 Jun 2014
GBP/USD breaks below 1.6800
FXStreet (Córdoba) - The GBP/USD dropped to fresh daily lows at the beginning of the New York session as the greenback strengthened broadly underpinned by higher US yields.
After finding resistance at a trendline coming from 2014 high (1.6995), the GBP/USD came under pressure and recently broke below the 1.6800 mark to hit a low of 1.6783 before finding support. At time of writing, the Cable is trading at the 1.6790 area, down 0.09% on the day, having been as high as 1.6832 at one stage.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet, notes the GBP/USD has turned neutral in the short-term, with immediate support at 1.6775 (20 SMA in 4-hour charts). “A break below this latter should add to current bearish pressure with a retest of 1.6720/30 price zone at sight”, said the analyst.
Bednarik locates next supports at 1.6775, 1.6725 and 1.6690, while she places resistances at 1.6845, 1.6885 and 1.6920.
After finding resistance at a trendline coming from 2014 high (1.6995), the GBP/USD came under pressure and recently broke below the 1.6800 mark to hit a low of 1.6783 before finding support. At time of writing, the Cable is trading at the 1.6790 area, down 0.09% on the day, having been as high as 1.6832 at one stage.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet, notes the GBP/USD has turned neutral in the short-term, with immediate support at 1.6775 (20 SMA in 4-hour charts). “A break below this latter should add to current bearish pressure with a retest of 1.6720/30 price zone at sight”, said the analyst.
Bednarik locates next supports at 1.6775, 1.6725 and 1.6690, while she places resistances at 1.6845, 1.6885 and 1.6920.