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10 Mar 2014
GBP/USD in 1-week lows near 1.6630
FXStreet (Edinburgh) - The sterling is losing the grip on Monday, dragging the GBP/USD to test multi-day lows in the area of 1.6630/25.
GBP/USD extends the drop below 1.6700
The pair broke the overnight congestion in the area of 1.6740 to lose more than a big-figure amidst increasing selling pressure. “Short-term market positioning, judging from the Commitment of Traders remains extreme for sterling. This might help explain the market's cautiousness as sterling approached $1.68. There is a mild bearish divergence that is evident on the daily RSI. Support is seen $1.6640-60”, observed analysts at BBH. The UK docket, although light in releases, seems to be interesting, as Industrial/Manufacturing Production (Tuesday) is due ahead of Trade balance (Wednesday).
GBP/USD significant levels
At the moment the pair is down 0.44% at 1.6649 with the immediate support at 1.6628 (low Mar.10) ahead of 1.6586 (30-d MA) and then 1.6583 (low Feb.24). On the upside, a break above 1.6745 (high Mar.10) would target 1.6785 (high Mar.7) en route to 1.6800 (psychological level).
GBP/USD extends the drop below 1.6700
The pair broke the overnight congestion in the area of 1.6740 to lose more than a big-figure amidst increasing selling pressure. “Short-term market positioning, judging from the Commitment of Traders remains extreme for sterling. This might help explain the market's cautiousness as sterling approached $1.68. There is a mild bearish divergence that is evident on the daily RSI. Support is seen $1.6640-60”, observed analysts at BBH. The UK docket, although light in releases, seems to be interesting, as Industrial/Manufacturing Production (Tuesday) is due ahead of Trade balance (Wednesday).
GBP/USD significant levels
At the moment the pair is down 0.44% at 1.6649 with the immediate support at 1.6628 (low Mar.10) ahead of 1.6586 (30-d MA) and then 1.6583 (low Feb.24). On the upside, a break above 1.6745 (high Mar.10) would target 1.6785 (high Mar.7) en route to 1.6800 (psychological level).