GBP/USD consolidates below 1.6600

By FXstreet.com | August 21, 2014 AAA

FXStreet (Córdoba) - The GBP/USD has steadied in a tighter range at the beginning of the American session as the pound takes a breather after 3 days of losses and a fresh 4-month low.



The GBP/USD has been facing increasing pressure this week from disappointing UK data and broad strength in the US dollar.The Cable failed to stage a sustained recovery even after minutes from the BoE last meeting showed 2 members voted to hike rates. Even more, today’s soft retail sales figures added to the bearish sentiment toward the Sterling.



At time of writing, the GBP/USD is trading at 1.6585, little changed on the day but having dropped 0.88% so far this week and on track to post its seventh weekly loss in a row.



GBP/USD technical perspective



“Current rebound above 1.6560 is corrective, thus preceding next leg downwards, to 1.6460”, said Stoyan Mihaylov, analyst at Deltastock. “Initial intraday resistance lies at 1.6600, followed by the crucial high at 1.6677”.



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center