GBP/USD: Despite falling heavy on 1.6880, finds support

By FXstreet.com | July 24, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6982, down -0.35% on the day, having posted a daily high at 1.7055 and low at 1.6966.



With GBP/USD down through the 1.70 handle, Boris Schlossberg, analyst at BK Asset Management reminds us and explained that “The Retail Sales numbers missed their mark printing at 0.1% versus 0.2% eyed with large declines in clothing affecting the headline number. Although the series is notoriously volatile and may have been impacted by the World Cup, the data on the consumption front shows that demand is far from overheating and therefore is yet another argument for BoE to remain accomodative for the time being”.



GBP/USD Levels



With spot trading at 1.6984, we can see next resistance ahead at 1.7006 (Hourly 20 EMA), 1.7013 (Daily Classic S1), 1.7017 (Weekly Classic S1) and 1.7024 (Yesterday's Low). Support below can be found at 1.6983 (Daily Classic S2), 1.6966 (Daily Low), 1.6949 (Weekly Classic S2), 1.6941 (Daily Classic S3) and 1.6861 (Weekly Classic S3).



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