GBP/USD drops on disappointing UK trade balance data - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the GBP/USD has dropped following worse than expected UK trade balance numbers, released in the European morning ahead of the BoE interest rate announcement.



Key quotes



"The GBP/USD trades lower but within a tight range ahead of the Central Bank announcement, presenting a strong bearish tone in its 4 hours chart, with momentum suggesting there’s room for more slides and price developing below its 20 SMA."



"Lately buyers surged around 1.7090 immediate support zone, while 1.7060 stands in the way of a deeper fall, as per being the 23.6% retracement of the latest bullish run, towards 1.7000/20."



"Resistance stands now at 1.7150 and a break above it may see the pair back nearing 1.7180 year high, while a break above this last is required to see the pair resuming its bullish trend."



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