3 Jan 2014
GBP/USD turns south and threatens daily lows
FXstreet.com (Córdoba) - The GBP/USD climbed to fresh daily highs during the European session following the release of firm UK mortgage data, but failed to overcome that level and came under mild pressure.
The GBP/USD rose to 1.6473 but failed to sustain momentum and dipped back to the lower-side of today's range, although it has managed to hold above the 200-hour SMA so far, which has been offering dynamic support to the Cable. At time of writing, the pair is trading at the 1.6425 zone, 0.2% below its opening price.
GBP/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com recently commented that failure to maintain gains should see bearish tone building, with a break below yesterday's low (1.6410) triggering a quick short term dip towards 1.6370. "Once below this latter, 1.6320/30 area comes next", Bednarik added.
The GBP/USD rose to 1.6473 but failed to sustain momentum and dipped back to the lower-side of today's range, although it has managed to hold above the 200-hour SMA so far, which has been offering dynamic support to the Cable. At time of writing, the pair is trading at the 1.6425 zone, 0.2% below its opening price.
GBP/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com recently commented that failure to maintain gains should see bearish tone building, with a break below yesterday's low (1.6410) triggering a quick short term dip towards 1.6370. "Once below this latter, 1.6320/30 area comes next", Bednarik added.