FXStreet (Córdoba) - The GBP/USD managed to bounce and trimmed intraday losses after hitting a 3-week low at the beginning of the New York session.

The GBP/USD came under renewed pressure following the release of BoE latest meeting minutes and touched a low of 1.7022, last seen June 30. However, the Cable found buyers and bounced from lows to currently trade at the 1.7050 zone, still down 0.07% on the day.

The GBP/USD is falling for a sixth trading day in a row, after reaching a 6-year high of 1.7190 on July 15, now eyeing immediate support at 1.7000 (psychological level/38.2% Fibo of 1.6692-1.7190).

GBP/USD technical perspective

“The pair quickly approaches critical 1.7000 figure, with the hourly chart showing a strong bearish potential, as per price extending below its 20 SMA and indicators heading lower below their midlines”, said Valeria bednarik, chief analyst at FXStreet. “In the 4 hours chart technical indicators also head south in negative territory, while current candle opened below 200 EMA, first time since mid June, adding to the bearish case”.

Bednarik locates immediate support levels at 1.7020, 1.6985 and 1.6950, while she places resistances at 1.7050, 1.7095 and 1.7120.

Related Articles
  1. Forex Education

    Four Currencies Under the Spotlight in 2016

    With currencies having become the “tail that wags the dog,” in terms of their impact on the global economy, these four currencies will be under the spotlight in 2016.
  2. Forex Fundamentals

    These Currencies Are The Biggest Losers Of The Stock Downturn

    Here’s a list of the hardest-hit currencies amid the global stock market mayhem.
  3. Forex Strategies

    Will the Euro Continue to Rally? (EUO)

    The euro is rallying. Should investors chase this performance or is the real opportunity on the other side of the trade?
  4. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  5. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  6. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  7. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  8. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  9. Investing

    Financial News Comparison: Bloomberg Vs. Reuters (BAC, GOOG)

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  10. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Trading Center