GBP/USD breaks below 1.7100

By FXstreet.com | July 14, 2014 AAA

FXStreet (Córdoba) - The GBP/USD came under renewed pressure and broke below the 1.7100 mark, triggering stops and accelerating south ahead of the Wall Street opening.



The pound is among the worst performers against a broad weaker greenback, having fallen through last week’s low toward a fresh 2-week bottom of 1.7068 in recent dealings. Investors are now gearing up for tomorrow’s UK inflation figures while Fed Chair Yellen will testify before the Congress Tuesday and Wednesday.



At time of writing, the GBP/USD is trading at 1.7075, recording a 0.28% loss on the day, having pulled back from a high of 1.7143 scored during the European trade.



GBP/USD levels to watch



As for technical levels, the GBP/USD could find next supports at 1.7050 (50% Fibo of 1.6919/1.7178), 1.7019 (61.8% Fibo of 1.6919/1.7178) and 1.7000 (psychological level). On the other hand, resistances are seen at 1.7150 (Jul 11 high), and 1.7178 (2014 high Jul 4) followed by 1.7200 (psychological level).



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