FXStreet (San Francisco) - After a previous bounce from 1.6700 to 1.6730, the GBP/USD is now testing the key 1.6700 level again with the pair pricing at lows since April 15 at 1.6690.
The Pound is trading under pressure on Wednesday following the dovish tone struck by BoE's Carney in today’s Quarterly Inflation Report.
Currently, GBP/USD is trading at 1.6695, down 0.73% on the day, having posted a daily high at 1.6846 and low at 1.6690. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
"Cable remains under pressure after BOE's Carney cooled speculation of a 2014 rate hike from the BOE," comments Jamie Coleman from FXBeat. Now focus is at "the 38.2% retracement of the 1.5855/1.7190 rally at 1.6686. That should be a major support zone, followed closely by the 200-day moving average don at 1.6660."