GBP/USD consolidates below 1.6600

By FXstreet.com | Updated 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”.



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