GBP/USD stabilizes after pullback

By FXstreet.com | June 24, 2014 AAA

FXStreet (Córdoba) - The GBP/USD is taking a breather just above daily lows, after BoE Governor dovish comments sent the pair to 6-day lows.



Speaking before the Treasury Select Committee Governor Mark Carney repeatedly said the exact timing of the first rate move would be "data driven". Carney also said the timing of a rate move is less relevant than the pace of rate increase. "The path of interest rates is likely to be limited and gradual," he said.



The GBP/USD broke below 1.7000 and slid toward a low of 1.6973 before stabilizing in a range. At time of writing, the Cable is trading at 1.6985, down 0.23% on the day, after the latest recovery attempt was capped by 1.7005.



GBP/USD technical levels



As for technical levels, the GBP/USD could find next supports at 1.6968 (10-day SMA), 1.6920 (Jun 18 low) and 1.6900 (psychological level). On the other hand, resistances are seen at 1.7030 (Jun 24 high), 1.7062 (2014 high Jun 19) and 1.7100 (psychological level) ahead of 1.7180 (Oct 10 2008 high).



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