14 Mar 2014
GBP/USD wobbling near 1.6600
FXStreet (Edinburgh) - The sterling is now struggling to break either above or below the 1.6600 handle, with the GBP/USD side-lining around the key level.
GBP/USD keeps the red ground
The pair is prolonging its correction from early March peaks near 1.6800 the figure, trading in the lower band of the recent 3-week range around 1.6580/1.6600. Extreme positioning also exacerbated the selling interest around the GBP, in combination with increasing risk aversion on China and geopolitical tensions in the Crimean peninsula. According to Eric Theoret, Currency Strategist at Scotiabank, the short-term technicals remain bearish, with “momentum and short-term trend indicators are suggestive of downside.Near term focus for downside is 50 day MA at 1.6547”.
GBP/USD relevant levels
The pair is now losing 0.16% at 1.6598 with the next support at 1.6594 (low Mar.14) followed by 1.6568 (low Mar.12) and then 1.6500 (psychological level). On the flip side, a breakout of 1.6719 (high Mar.13) would expose 1.6745 (high Mar.10) and finally 1.6785 (high Mar.7).
GBP/USD keeps the red ground
The pair is prolonging its correction from early March peaks near 1.6800 the figure, trading in the lower band of the recent 3-week range around 1.6580/1.6600. Extreme positioning also exacerbated the selling interest around the GBP, in combination with increasing risk aversion on China and geopolitical tensions in the Crimean peninsula. According to Eric Theoret, Currency Strategist at Scotiabank, the short-term technicals remain bearish, with “momentum and short-term trend indicators are suggestive of downside.Near term focus for downside is 50 day MA at 1.6547”.
GBP/USD relevant levels
The pair is now losing 0.16% at 1.6598 with the next support at 1.6594 (low Mar.14) followed by 1.6568 (low Mar.12) and then 1.6500 (psychological level). On the flip side, a breakout of 1.6719 (high Mar.13) would expose 1.6745 (high Mar.10) and finally 1.6785 (high Mar.7).