GBP/USD testing the downside on slow drift

By FXstreet.com | August 21, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6580, down 0.07% on the day, having posted a daily high at 1.6603 and low at 1.6564.



GBP/USD is looking less probable to be able to get a hold of the 1.66 handle as we move closer to the end of the week. Kit Juckes, chief analyst at Societe Generale explains that GBP/USD has re-integrated within a multi-year channel as it corrects, indicating that its fall should continue towards 1.6280/50.



GBP/USD hourly levels



With spot trading at 1.6580, we can see next resistance ahead at 1.6592 (Hourly 20 EMA), and 1.6603 (Daily High). Support below can be found at 1.6564 (Daily Classic S1), 1.6540 (Weekly Classic S2) and 1.6532 (Daily Classic S2).



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