27 Jun 2013
GBP/USD finds support after sharp drop
FXstreet.com (Córdoba) - The GBP/USD is correcting some of its recent losses incurred in the wake of disappointing UK GDP data.
GBP/USD found support after hitting a 3-week low of 1.5262 but lacked strength to stage a more significant bounce and stalled ahead of the 1.5300 mark. At time of writing, GBP/USD is trading around 1.5275, where it is still down 0.2% on the day.
GBP/USD targets further downside
"GBP remains weak and vulnerable following through on its Wednesday losses and targeting further downside", says Mohammed Isah, analyst at FXTechstrategy. "Support comes in at the 1.5200 level. We expect a cap to occur here and turn it higher but if taken out, further downside could follow towards the 1.5150 level and then the 1.5100 level".
GBP/USD found support after hitting a 3-week low of 1.5262 but lacked strength to stage a more significant bounce and stalled ahead of the 1.5300 mark. At time of writing, GBP/USD is trading around 1.5275, where it is still down 0.2% on the day.
GBP/USD targets further downside
"GBP remains weak and vulnerable following through on its Wednesday losses and targeting further downside", says Mohammed Isah, analyst at FXTechstrategy. "Support comes in at the 1.5200 level. We expect a cap to occur here and turn it higher but if taken out, further downside could follow towards the 1.5150 level and then the 1.5100 level".