GBP/USD relaxed below 1.6800

By FXstreet.com | August 11, 2014 AAA

FXStreet (Edinburgh) - The sterling is decoupling from its European peer on Monday, taking the GBP/USD to the 1.6780/85 band so far.

GBP/USD remains below 1.6800

The pound is extending its overnight consolidation pattern in the 1.6780/90 range, waiting for the key releases ahead in the week: labour market figures, Quarterly Inflation Report and Carney’s speech on Wednesday, prior to the GDP release on Friday (0.8% QoQ exp.). “We prefer to stay heavy on the pair pending further developments while on the CFTC front, note also that net leveraged GBP longs were pared significantly in the latest week (with net leveraged positioning as a percentage of open interest continuing to be exhumed from elevated levels). At this juncture, we think the bias may remain southbound within a 1.6690-1.6900 range”, observed Emmanuel Ng, FX Strategist at OCBC Bank.

GBP/USD relevant levels

At the moment the pair is up 0.07% at 1.6786 with the next hurdle at 1.6835 (high Aug.8) followed by 1.6857 (10-d MA) and then 1.6872 (high Aug.7). On the flip side, a breakdown of 1.6770 (low Aug.11) would aim for 1.6767 (low Aug.8) and finally 1.6740 (61.8% of 1.6460-1.7192).

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center