Back
10 Mar 2014
GBP/USD falls sharply
FXStreet (Córdoba) - The GBP/USD came under pressure during the European session and broke below the 1.6700 level, triggering stops and accelerating lower.
In the absence of first-tier data, the GBP/USD weakened after failing to consolidate gains above 1.6740, extending its correction from the 1.6785 high. The Cable dropped below 1.6682 (Fibo 50% 1.6582-1.6785) and hit a low of 1.665, where the 21-day SMA offered support. At time of writing, the pair is trading around 1.6665, recording a 0.4% loss on the day.
GBP/USD levels to watch
In terms of technical levels, the GBP/USD could found immediate supports at 1.6657 (Mar 10 low/21-day SMA), 1.6650 (Mar 3 low) and 1.6640 (Mar 4 low). On the flip side, resistances are seen at 1.6740 (Mar 10 high), 1.6785 (Mar 7 high) and 1.6800 (psychological level).
In the absence of first-tier data, the GBP/USD weakened after failing to consolidate gains above 1.6740, extending its correction from the 1.6785 high. The Cable dropped below 1.6682 (Fibo 50% 1.6582-1.6785) and hit a low of 1.665, where the 21-day SMA offered support. At time of writing, the pair is trading around 1.6665, recording a 0.4% loss on the day.
GBP/USD levels to watch
In terms of technical levels, the GBP/USD could found immediate supports at 1.6657 (Mar 10 low/21-day SMA), 1.6650 (Mar 3 low) and 1.6640 (Mar 4 low). On the flip side, resistances are seen at 1.6740 (Mar 10 high), 1.6785 (Mar 7 high) and 1.6800 (psychological level).