GBP/USD breaks lower and hits 1-month lows

By FXstreet.com | Updated July 29, 2014 AAA

FXStreet (Córdoba) - The GBP/USD came under renewed pressure and slid to a fresh 1-month low after the latest recovery attempt was intercepted ahead of the 1.7000 mark.



The Cable broke to the downside its recent range and triggered stops which accelerated the fall. The pair hit a low of 1.6949 so far, but it remains to be seen whether sellers are willing to push the GBP through its next support at 1.6941 (50.0% Fibo of 1.6692/1.7190).



GBP/USD levels to watch



If the GBP/USD dows break below 1.6941, next supports are seen at 1.6919 (Jun 18 low) and 1.6900 (psychological level). On the other hand, resistances could be found at 1.7000 (psychological level/Jul 28 high), 1.7038 (10-day SMA) and 1.7052 (Jul 24 high).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    UK general election remains a source of uncertainty - BNP

  2. Forex News

    What’s Next: USD falls after data, focus on NFP

  3. Forex News

    April Forex Seasonality Foresees Weakest Month of Year for USD

  4. Forex News

    GBP/USD regains 1.4800 and erases losses

  5. Forex News

    GBP/USD bearish tone prevails – FXStreet

Trading Center