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9 Jul 2013
GBP/USD remains in lows around 1.4830
FXstreet.com (Edinburgh) - Heavy selling is still present around the sterling on Tuesday, dragging the pair to fresh multi-year lows around 1.4815, levels last seen in late June 2010.
GBP/USD unable to gather traction
The bearish sentiment surrounding the pound continues to intensify during the European afternoon, after a tepid bounce run out of fuel around 1.4880. Recall that worrisome results from industrial and manufacturing production in the UK during June plus a higher trade deficit buried recent hopes of a better performance of the GDP during the second quarter. In the opinion of analysts at TD Securities, “A close below there (2013 lows at 1.4832) would be a key bearish sign, targeting an extension toward the mid 1.42 area”.
GBP/USD levels to watch
At the moment the pair is down 0.74% at 1.4839 and a break below 1.4803 (low Jun.23 2010) would expose 1.4688 (low Jun.22 2010) and finally 1.4646 (low Jun.17). On the upside, the initial barrier lines up at 1.4982 (high Jul.9) followed by 1.5000 (psychological level) and then 1.5077 (high Jul.5).
GBP/USD unable to gather traction
The bearish sentiment surrounding the pound continues to intensify during the European afternoon, after a tepid bounce run out of fuel around 1.4880. Recall that worrisome results from industrial and manufacturing production in the UK during June plus a higher trade deficit buried recent hopes of a better performance of the GDP during the second quarter. In the opinion of analysts at TD Securities, “A close below there (2013 lows at 1.4832) would be a key bearish sign, targeting an extension toward the mid 1.42 area”.
GBP/USD levels to watch
At the moment the pair is down 0.74% at 1.4839 and a break below 1.4803 (low Jun.23 2010) would expose 1.4688 (low Jun.22 2010) and finally 1.4646 (low Jun.17). On the upside, the initial barrier lines up at 1.4982 (high Jul.9) followed by 1.5000 (psychological level) and then 1.5077 (high Jul.5).