FXStreet (Córdoba) - The GBP/USD is back under pressure, having resumed the downward move Wednesday, weighed by disappointing UK data and broad USD strength.



The GBP/USD has lost more than 60 pips throughout the day, reversing almost completely its weekly advance. The Cable scored a low of 1.6820 and looks to be preparing to test the 1.68 mark. At time of writing, the pair is trading at 1.6830, down 0.32% on the day.



UK industrial production rose 0.3% in June versus 0.6% expected, raising concerns about the state of the British economy.



GBP/USD technical perspective



"Latest recovery stalled right below the 23.6% retracement of the 1.7190/1.6802 daily decline, increasing the risk of more slides: below last week low of 1.6802, the pair may quickly ease towards 1.6760/70 price zone, while if below this last, 1.6720 is next", said Valeria Bednarik, chief analyst at FXStreet. "Recoveries up to 1.6895, mentioned Fibonacci level will likely be seen as selling opportunities, as only a clear advance above this last will favor a rally towards 1.6940 price zone".



Related Articles
  1. Forex Education

    Four Currencies Under the Spotlight in 2016

    With currencies having become the “tail that wags the dog,” in terms of their impact on the global economy, these four currencies will be under the spotlight in 2016.
  2. Forex Fundamentals

    These Currencies Are The Biggest Losers Of The Stock Downturn

    Here’s a list of the hardest-hit currencies amid the global stock market mayhem.
  3. Forex Strategies

    Will the Euro Continue to Rally? (EUO)

    The euro is rallying. Should investors chase this performance or is the real opportunity on the other side of the trade?
  4. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  5. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  6. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  7. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  8. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  9. Investing

    Financial News Comparison: Bloomberg Vs. Reuters (BAC, GOOG)

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  10. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
COMPANIES IN THIS ARTICLE
Trading Center