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18 Mar 2014
GBP/USD dips below 1.6600
FXStreet (Edinburgh) - The sterling is quickly losing ground on Tuesday, pushing the GBP/USD to fresh intraday lows in sub-1.6600 levels.
GBP/USD focus on Carney’s speech today
A bout of selling orders is now dragging spot to the lower band of the weekly range near 1.6590, down from the mid-1.66s just moments ago. There are no data releases in the UK today, although Governor Carney’s speech in the European evening would grab traders’ attention. Ahead in the week, key labour market figures are due tomorrow (ILO u-rate at 7.2% exp.) followed by the BoE minutes (expected a non-event), and all ending with the FOMC gathering. “We suspect that the market will need to break back below 1.6532 (the 8 month uptrend) in order to re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013)”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD levels to watch
The pair is now losing 0.23% at 1.6598 with the next support at 1.6587 (low Mar.14) followed by 1.6568 (low Mar.12) and then 1.6553 (50-d MA). On the flip side, a breakout of 1.6667 (high Mar.17) would open the door to 1.6719 (high Mar.13) and finally 1.6745 (high Mar.10).
GBP/USD focus on Carney’s speech today
A bout of selling orders is now dragging spot to the lower band of the weekly range near 1.6590, down from the mid-1.66s just moments ago. There are no data releases in the UK today, although Governor Carney’s speech in the European evening would grab traders’ attention. Ahead in the week, key labour market figures are due tomorrow (ILO u-rate at 7.2% exp.) followed by the BoE minutes (expected a non-event), and all ending with the FOMC gathering. “We suspect that the market will need to break back below 1.6532 (the 8 month uptrend) in order to re-focus attention on to the 1.6259/29 support zone which remains key (September high and the 23.6% retracement of the move up from July 2013)”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.
GBP/USD levels to watch
The pair is now losing 0.23% at 1.6598 with the next support at 1.6587 (low Mar.14) followed by 1.6568 (low Mar.12) and then 1.6553 (50-d MA). On the flip side, a breakout of 1.6667 (high Mar.17) would open the door to 1.6719 (high Mar.13) and finally 1.6745 (high Mar.10).