GBP/USD losing credibility

By FXstreet.com | June 06, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6793, down -0.15% on the day, having posted a daily high at 1.6848 and low at 1.6781.



The US non-farm payrolls rose by 217k in May, very close to consensus. Subsequently, GBP/USD has dropped back below the 1.68 handle at the end of this week and Karen Jones at, chief analyst at Commerzbank explains still that they continue to believe that the market has topped at 1.70. “Initial support lies at the 1.6683/72 late March high and the mid April low and then we would expect losses to 1.6480/67 the 23.6% retracement of the 2013-2014 move and the March low”.



GBP/USD Levels



Current price is 1.6794, with resistance ahead at 1.6802 (Hourly 20 EMA), 1.6820 (Weekly High), 1.6821 (Daily Open), 1.6827 (Yesterday's High) and 1.6848 (Daily High). Next support to the downside can be found at 1.6793 (Daily 20 SMA), 1.6789 (Daily Classic PP), 1.6781 (Daily Low), 1.6777 (Weekly Classic PP) and 1.6762 (Hourly 100 SMA).



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