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20 Feb 2014
GBP/USD keeps lows near 1.6640
FXStreet (Edinburgh) - The buying interest for the sterling remains subdued on Thursday, keeping the GBP/USD in the lower band of the weekly range near 1.6640.
GBP/USD consolidating below 1.6700
Yesterday’s rebound to the area beyond 1.6720 lacked of conviction and along with a hawkish-ish tone from the FOMC minutes, spot surrendered gains and retraced to the 1.6670/60 region. Today’s initial risk-off trade dragged the pair lower to test fresh lows near 1.6630. in light of the recent labour market numbers in the British economy, Currency Analyst Lee Hardman at BTMU commented, “The underlying trend for the unemployment rate continues to remain lower although there are some signs that the pace of decline may ease ahead supporting the BoE’s view that a pick up in productivity and increasing labour force participation will allow them some time before having to raise rates”.
GBP/USD levels to consider
At the moment the pair is down 0.19% at 1.6652 and a break below 1.6644 (low Feb.14) would target 1.6594 (low Feb.13) ahead of 1.6523 (21-d MA). On the upside, the first barrier aligns at 1.6734 (high Feb.19) followed by 1.6741 (high Feb.18) and finally 1.6823 (2014 high Feb.17).
GBP/USD consolidating below 1.6700
Yesterday’s rebound to the area beyond 1.6720 lacked of conviction and along with a hawkish-ish tone from the FOMC minutes, spot surrendered gains and retraced to the 1.6670/60 region. Today’s initial risk-off trade dragged the pair lower to test fresh lows near 1.6630. in light of the recent labour market numbers in the British economy, Currency Analyst Lee Hardman at BTMU commented, “The underlying trend for the unemployment rate continues to remain lower although there are some signs that the pace of decline may ease ahead supporting the BoE’s view that a pick up in productivity and increasing labour force participation will allow them some time before having to raise rates”.
GBP/USD levels to consider
At the moment the pair is down 0.19% at 1.6652 and a break below 1.6644 (low Feb.14) would target 1.6594 (low Feb.13) ahead of 1.6523 (21-d MA). On the upside, the first barrier aligns at 1.6734 (high Feb.19) followed by 1.6741 (high Feb.18) and finally 1.6823 (2014 high Feb.17).