GBP/USD retreats, still holds above 1.6700

By FXstreet.com | Updated August 18, 2014 AAA

FXStreet (Córdoba) - The GBP/USD fell during the American session to test daily lows at 1.6711 but managed to hold above and continues to consolidate on top of 1.6700.



At the beginning of the week the GBP/USD opened with a bullish gap, that is still open; it would be close with a decline to 1.6695. “Gaps are pretty rare in the 24-hour world of forex but we had a gap open higher in cable over the weekend as Carney did his whirly bird imitation and implied rates could go up sooner than wages”, said Jamie Coleman from FXBeat.



Cable is among the best performers on Monday so far and is consolidating gains. The EUR/GBP pulled back below 0.8000, hitting the lowest price since last Wednesday while the GBP/CHF was trading a hundred pips above where it closed on Friday, above 1.5160.



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