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".



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD Technical Analysis: Range Bottom Gives Way

  2. Forex News

    Video: Will the Market Move on NFPs with Liquidity, Greece Hanging Over It?

  3. Forex News

    Key Levels to Know on USD Majors Heading into NFPs and July Trade

  4. Forex News

    GBP/USD heavily bearish; smashed down to 2-week lows

  5. Forex News

    GBP/USD: rising wedge patter? 1.5550 to trigger major losses - CB

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!