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28 Feb 2014
GBP/USD trims daily gains
FXStreet (Córdoba) - The GBP/USD turned south and trimmed intraday gains weighed by cross selling, with EUR/GBP soaring on the back of Eurozone CPI data.
The GBP/USD retreated sharply after hitting an 11-day high of 1.6768 and fell all the way back to 1.6680 before finding support. At time of writing, the GBP/USD is trading at the 1.6705 area, up 0.1% on the day ahead of the US GDP revised figures release.
GBP/USD technical perspective
"Yesterday's break through 1.6680 signals a reversal at 1.6616 low and the intraday bias is positive above 1.6700 support, with a crucial level at 1.6675", says Stoyan Mihaylov, analyst at DeltaStock.com.
The GBP/USD retreated sharply after hitting an 11-day high of 1.6768 and fell all the way back to 1.6680 before finding support. At time of writing, the GBP/USD is trading at the 1.6705 area, up 0.1% on the day ahead of the US GDP revised figures release.
GBP/USD technical perspective
"Yesterday's break through 1.6680 signals a reversal at 1.6616 low and the intraday bias is positive above 1.6700 support, with a crucial level at 1.6675", says Stoyan Mihaylov, analyst at DeltaStock.com.