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15 May 2014
GBP/USD upside stalled at 1.6810
FXStreet (Edinburgh) - The bullish attempt in the GBP/USD seems to have run out of legs in the boundaries of the 1.6810 region on Thursday, now deflating to 1.6790/85.
GBP/USD bounces off 1.6730
The pair has found decent support around the 1.6730 area, levels last seen in mid-April, managing to partially recover yesterday’s sharp sell off. Risk aversion coupled with the downbeat tone from the BoE’s QIR weighed on the sterling although the resurgence of buyers allowed spot to regain 1.6800 today. “There was little or nothing in the labour market data or the QIR to alter our view that sterling will remain strong and the dip reflected more market positioning rather tan anything else”, noted Brian Martin, Senior European Strategist at ANZ.
GBP/USD relevant levels
At the moment the pair is up 0.13% at 1.6790 with the next resistance at 1.6805 (30-d MA) and finally 1.6840 (21-d MA). On the downside, the next support lines up at 1.6727 (23.6% of 1.5854-1.6997) ahead of 1.6721 (low Apr.16) and then 1.6700 (psychological level).
GBP/USD bounces off 1.6730
The pair has found decent support around the 1.6730 area, levels last seen in mid-April, managing to partially recover yesterday’s sharp sell off. Risk aversion coupled with the downbeat tone from the BoE’s QIR weighed on the sterling although the resurgence of buyers allowed spot to regain 1.6800 today. “There was little or nothing in the labour market data or the QIR to alter our view that sterling will remain strong and the dip reflected more market positioning rather tan anything else”, noted Brian Martin, Senior European Strategist at ANZ.
GBP/USD relevant levels
At the moment the pair is up 0.13% at 1.6790 with the next resistance at 1.6805 (30-d MA) and finally 1.6840 (21-d MA). On the downside, the next support lines up at 1.6727 (23.6% of 1.5854-1.6997) ahead of 1.6721 (low Apr.16) and then 1.6700 (psychological level).