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13 Mar 2014
GBP/USD back below 1.6700
FXStreet (Edinburgh) - Better data releases from the US economy pushed the GBP/USD back bellow the 1.6700 handle on Thursday.
GBP/USD retreats from highs
The pair eased from the vicinity of weekly tops near 1.6720 to the boundaries of 1.6680 after US retail sales came in on the stronger side, advancing 0.3% inter-month in both the headline print and excluding the automobile sector. Further data showed Initial Claims dropped to 315K and import prices gained 0.9% in February. “The GBP reportedly remain a victim of EUR-GBP plays on Wednesday and if the 1.6600 region is breached, expect further soul searching towards the 55-day MA (1.6541)”, observed Emmanuel Ng, Strategist at OCBC Bank.
GBP/USD levels to watch
As of writing the pair is up 0.41% at 1.6687 with the next resistance at 1.6700 (psychological level) followed by 1.6745 (high Mar.10) and then 1.6785 (high Mar.7). On the flip side, a breach of 1.6607 (low Mar.13) would clear the way to 1.6568 (low Mar.12) and finally 1.6500 (psychological level).
GBP/USD retreats from highs
The pair eased from the vicinity of weekly tops near 1.6720 to the boundaries of 1.6680 after US retail sales came in on the stronger side, advancing 0.3% inter-month in both the headline print and excluding the automobile sector. Further data showed Initial Claims dropped to 315K and import prices gained 0.9% in February. “The GBP reportedly remain a victim of EUR-GBP plays on Wednesday and if the 1.6600 region is breached, expect further soul searching towards the 55-day MA (1.6541)”, observed Emmanuel Ng, Strategist at OCBC Bank.
GBP/USD levels to watch
As of writing the pair is up 0.41% at 1.6687 with the next resistance at 1.6700 (psychological level) followed by 1.6745 (high Mar.10) and then 1.6785 (high Mar.7). On the flip side, a breach of 1.6607 (low Mar.13) would clear the way to 1.6568 (low Mar.12) and finally 1.6500 (psychological level).