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10 Mar 2014
GBP/USD sidelined at 1.6640
FXStreet (Edinburgh) - The pound is now navigating in a narrow range, taking the GBP/USD around 1.6630 and 1.6650.
GBP/USD weaker below 1.6700
Extreme spec positioning plus increasing risk aversion would be behind today’s correction lower, dropping more than one big-figure from overnight peaks above 1.6740. “We see GBP/USD still trading sideways within its 1.6575 to 1.6775 range and a weekly close outside those gives us a bit more conviction as to the next few cents of a move”, observed Paul Robson, Senior FX Strategist at RBS.
GBP/USD significant levels
At the moment the pair is down 0.48% at 1.6642 with the immediate support at 1.6622 (low Mar.10) ahead of 1.6586 (30-d MA) and then 1.6583 (low Feb.24). On the upside, a break above 1.6745 (high Mar.10) would target 1.6785 (high Mar.7) en route to 1.6800 (psychological level).
GBP/USD weaker below 1.6700
Extreme spec positioning plus increasing risk aversion would be behind today’s correction lower, dropping more than one big-figure from overnight peaks above 1.6740. “We see GBP/USD still trading sideways within its 1.6575 to 1.6775 range and a weekly close outside those gives us a bit more conviction as to the next few cents of a move”, observed Paul Robson, Senior FX Strategist at RBS.
GBP/USD significant levels
At the moment the pair is down 0.48% at 1.6642 with the immediate support at 1.6622 (low Mar.10) ahead of 1.6586 (30-d MA) and then 1.6583 (low Feb.24). On the upside, a break above 1.6745 (high Mar.10) would target 1.6785 (high Mar.7) en route to 1.6800 (psychological level).