25 Jun 2014
GBP/USD unable to hold above 1.7000
FXStreet (Córdoba) - The GBP/USD rose to 1.7003 after the release of weaker-than-expected GDP data from the US, hitting a fresh daily high but failed to hold and pulled back below 1.7000. The decline from the hihs found support at 1.6970 and currently trades at 1.6980, around the same price it closed yesterday.
The Pound is for the second day in a row the worst performer among European currencies. While the EUR/USD is up 0.20% and the USD/CHF down 0.20%, the GBP/USD is flat.
GBP/USD session outlook
The pair is correcting lower from multi-year highs and bottomed earlier at 1.6950 from where it rebounded. The outlook for the rest of the session is not clear: the bearish bias of the GBP/USD was offset by a weak US dollar.
Around 1.7010, a downtrend line originated at Friday’s highs, stands. A break higher could trigger a bullish run. To the downside immediate support lies at 1.6950 (daily low) and 1.6920/30 (June 18 low).
The Pound is for the second day in a row the worst performer among European currencies. While the EUR/USD is up 0.20% and the USD/CHF down 0.20%, the GBP/USD is flat.
GBP/USD session outlook
The pair is correcting lower from multi-year highs and bottomed earlier at 1.6950 from where it rebounded. The outlook for the rest of the session is not clear: the bearish bias of the GBP/USD was offset by a weak US dollar.
Around 1.7010, a downtrend line originated at Friday’s highs, stands. A break higher could trigger a bullish run. To the downside immediate support lies at 1.6950 (daily low) and 1.6920/30 (June 18 low).