GBP/USD back below 1.6600

By FXstreet.com | August 29, 2014 AAA

FXStreet (Córdoba) - The GBP/USD trades effectively unchanged on the day following another failed attempt to break above the 1.6610 resistance area.



The latest string of US data had little impact on the USD, confining the Cable to extend its consolidation phase below 1.6600. US personal income and spending came slightly below expectations at 0.2% and -0.1% respectively in July, while core PCE was unchanged at 1.5% y/y.



Ahead of the long weekend in the US, the GBP/USD is trading at the 1.6585 area, flat on the day, but still on track for a mild weekly gain following 7 weeks of losses.



GBP/USD technical levels



As for technical levels, the GBP/USD could find immediate supports at 1.6535 (Aug 27 low), 1.6509 (Mar 26 low) and 1.6500 (psychological level). On the flip side, resistances are seen at 1.6612 (Aug 28 high), 1.6670 (Aug 20 high) and 1.6685 (200-day SMA).



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