11 Apr 2014
GBP/USD accelerates lower
FXStreet (Córdoba) - The GBP/USD failed to hold at daily highs and came under mild pressure during the European session after UK construction output came in below forecast (-2.8% versus 1.5% expected in February).
The GBP/USD hit an air pocket as it triggered stops on the break below 1.6760 and fell to a low of 1.6730 in recent dealings. The Cable reached a 2-month peak of 1.6819 Thursday, stalling just a couple of pips shy of its 2014 high of 1.6821 scored on Feb 17. At time of writing, the GBP/USD is trading at 1.6740, recording a 0.2% loss on the day.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet commented that "the upside remains favored and it would take price accelerations through 1.6790 to confirm a quick advance up to 1.6820 while a break above this last should lead to a stronger upward acceleration eyeing then 1.6880 price zone".
"To the downside it will take a break below 1.6750 to trigger an extension of the bearish corrective movement towards 1.6700/20 price zone, where buyers surge to halt the slide".
The GBP/USD hit an air pocket as it triggered stops on the break below 1.6760 and fell to a low of 1.6730 in recent dealings. The Cable reached a 2-month peak of 1.6819 Thursday, stalling just a couple of pips shy of its 2014 high of 1.6821 scored on Feb 17. At time of writing, the GBP/USD is trading at 1.6740, recording a 0.2% loss on the day.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet commented that "the upside remains favored and it would take price accelerations through 1.6790 to confirm a quick advance up to 1.6820 while a break above this last should lead to a stronger upward acceleration eyeing then 1.6880 price zone".
"To the downside it will take a break below 1.6750 to trigger an extension of the bearish corrective movement towards 1.6700/20 price zone, where buyers surge to halt the slide".