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10 Mar 2014
GBP/USD threatens daily lows
FXStreet (Córdoba) - The GBP/USD managed to stabilize after a sharp sell-off sent the pair to the vicinity of 1.6600 during the European session.
The GBP/USD broke below several support levels, triggering stops and falling as low as 1.6620 before finding support and settling in a range. The pound is underperforming Monday having more than 100 pips versus the greenback and touched a 1-month low versus the euro. At time of writing, the GBP/USD is trading at 1.6630, recording a 0.6% loss on the day.
GBP/USD technical perspective
"A limited upward corrective movement held below 1.6650 immediate resistance, and price continues to fall towards the key 1.6600 level, 38.2% retracement of its latest bullish run", said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart technical readings present a strong bearish momentum, supporting the shorter term view. Late February low of 1.6582 is the key support to follow, as a break below should anticipate a downward continuation for the upcoming days".
The GBP/USD broke below several support levels, triggering stops and falling as low as 1.6620 before finding support and settling in a range. The pound is underperforming Monday having more than 100 pips versus the greenback and touched a 1-month low versus the euro. At time of writing, the GBP/USD is trading at 1.6630, recording a 0.6% loss on the day.
GBP/USD technical perspective
"A limited upward corrective movement held below 1.6650 immediate resistance, and price continues to fall towards the key 1.6600 level, 38.2% retracement of its latest bullish run", said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart technical readings present a strong bearish momentum, supporting the shorter term view. Late February low of 1.6582 is the key support to follow, as a break below should anticipate a downward continuation for the upcoming days".