FXStreet (San Francisco) - The Sterling found support versus the Dollar at lows since June 12 at 1.6855 where the pair found buying interest coinciding with the big drop in Chicago PMI data. GBP/USD is trading now above 1.6875.
The MNI Deutche Börse Group reported a hard drop in Chicago PMI to 52.6 in July; Data is well below 63.0 expected and lowest since July 2013.
Currently, GBP/USD is trading at 1.6876, down 0.22% on the day, having posted a daily high at 1.6928 and low at 1.6857. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
The GBP/USD is testing the 100-day MA at 1.6855, next supports would be 1.6845 and 1.6800. On the upside, resistances are at 1.6875, 1.6925 and 1.6950.