5 May 2014
GBP/USD drops to fresh daily lows
FXStreet (Córdoba) - The GBP/USD fell to fresh daily lows ahead of the New York opening as the pound is facing mild selling pressure across the board.
With London closed for holiday, the GBP/USD had spent most of the day within a 20-pip range but pressure increased on the break of 1.6865, sending the Cable to a low of 1.6852 in recent dealings. From a wider view however, the GBP/USD remains rangebound, consolidating near multi-year highs supported by strong UK economic data.
GBP/USD levels to watch
At time of writing, the GBP/USD is trading at the 1.6860 area, still 0.10% below its opening price, with immediate supports at 1.6852 (May 5 low), 1.6820 (May 2 low) and 1.6802/00 (20-day SMA/psychological level). On the other hand, resistances are seen at 1.6885 (May 5 high), 1.6900 (psychological level) and 1.6917 (2014 high May 1).
With London closed for holiday, the GBP/USD had spent most of the day within a 20-pip range but pressure increased on the break of 1.6865, sending the Cable to a low of 1.6852 in recent dealings. From a wider view however, the GBP/USD remains rangebound, consolidating near multi-year highs supported by strong UK economic data.
GBP/USD levels to watch
At time of writing, the GBP/USD is trading at the 1.6860 area, still 0.10% below its opening price, with immediate supports at 1.6852 (May 5 low), 1.6820 (May 2 low) and 1.6802/00 (20-day SMA/psychological level). On the other hand, resistances are seen at 1.6885 (May 5 high), 1.6900 (psychological level) and 1.6917 (2014 high May 1).