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11 Mar 2014
GBP/USD bounces from below 1.6600
FXStreet (Córdoba) - The GBP/USD managed to bounce and trimmed daily losses at the beginning of the American session after briefly dipping below the 1.6600 mark weighed by disappointing UK industrial production data.
The GBP/USD faced mild pressure and fell below the 1.6600 level to a 2-week low of 1.6596. However, buyers reappeared allowing the Cable rise back to the 1.6635 area. At time of writing, the GBP/USD is trading around 1.6630, still 0.1% below its opening price, ahead of the UK GDP estimate.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet notes that short-term indicators maintain the technical bearish tone. "Renewed selling interest below mentioned 1.6600 area Fibonacci support, should lead to another bearish leg eyeing then the 1.6540/50 price zone".
Bednarik locates immediate supports at 1.6610, 1.6580 and 1.6545, while she places resistances at 1.6650, 1.6690 and 1.6745.
The GBP/USD faced mild pressure and fell below the 1.6600 level to a 2-week low of 1.6596. However, buyers reappeared allowing the Cable rise back to the 1.6635 area. At time of writing, the GBP/USD is trading around 1.6630, still 0.1% below its opening price, ahead of the UK GDP estimate.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet notes that short-term indicators maintain the technical bearish tone. "Renewed selling interest below mentioned 1.6600 area Fibonacci support, should lead to another bearish leg eyeing then the 1.6540/50 price zone".
Bednarik locates immediate supports at 1.6610, 1.6580 and 1.6545, while she places resistances at 1.6650, 1.6690 and 1.6745.