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21 Feb 2014
GBP/USD off highs, back below 1.67
FXStreet (Edinburgh) - The bull-run adventure of the GBP/USD seems to have run out of legs around session highs just beyond 1.6720.
GBP/USD returns to sub-1.67 levels
The sterling well managed to shrug-off today’s horrible results from UK retail sales during January although it lacked conviction to keep levels above the 1.67 handle. Poor data from the US Existing Home Sales boosted the pair, just to revert the upside soon after. “The soft CPI (and other data) as well as comments from the BOE's Weale and Bean seemed to endorse the market's view that a rate hike is still a year away”, commented analysts at BBH.
GBP/USD levels to consider
At the moment the pair is down 0.04% at 1.6645 and a breakdown of 1.6637 (low Feb.20) would aim for 1.6599 (10-d MA) and finally 1.6594 (low Feb.13). On the upside, the initial hurdle aligns at 1.6700 (high Feb.20) followed by 1.6734 (high Feb.19) and then 1.6741 (high Feb.18).
GBP/USD returns to sub-1.67 levels
The sterling well managed to shrug-off today’s horrible results from UK retail sales during January although it lacked conviction to keep levels above the 1.67 handle. Poor data from the US Existing Home Sales boosted the pair, just to revert the upside soon after. “The soft CPI (and other data) as well as comments from the BOE's Weale and Bean seemed to endorse the market's view that a rate hike is still a year away”, commented analysts at BBH.
GBP/USD levels to consider
At the moment the pair is down 0.04% at 1.6645 and a breakdown of 1.6637 (low Feb.20) would aim for 1.6599 (10-d MA) and finally 1.6594 (low Feb.13). On the upside, the initial hurdle aligns at 1.6700 (high Feb.20) followed by 1.6734 (high Feb.19) and then 1.6741 (high Feb.18).