GBP/USD opening downside for 200 DMA

By | Updated August 13, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6693, down -0.70% on the day, having posted a daily high at 1.6846 and low at 1.6685.

With GBP/USD at weekly lows testing the 1.6695 support area, which gave way to the low at 1.6685, Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman suggested that the UK’s employment data lends itself to the BOE who will remain cautious about raising rates too quickly. “In particular, the Q2 average earnings were -0.2% (expected -0.1%), the first negative print since 2009."Unemployment rate ticked lower to 6.4%, as expected. For cable, next level of support comes in the 200-day MA near $1.6660.”

GBP/USD Levels

Spot is presently trading at 1.6693, and next resistance can be seen at 1.6714 (Daily Classic S3), 1.6729 (Weekly Classic S1), 1.6735 (Daily Classic S2), 1.6750 (Hourly 20 EMA) and 1.6757 (Yesterday's Low). Support below can be found at 1.6686 (Weekly Classic S2), 1.6685 (Daily Low), 1.6657 (Daily 200 SMA), 1.6605 (Weekly Classic S3) and 1.6306 (YTD Low).

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