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1 Aug 2013
GBP/USD retesting 6-weeks depths
FXstreet.com (Chicago) - GBP/USD continued to decline against a stronger greenback at closing of journey in Wall Street.
Price action indicated a strong reaction among market participants on the aftermath of US jobs and manufacturing data releases earlier on Thursday. Accumulating 0.60% in losses, the pound continued to drop after failed attempt to consolidate against the dollar on UK Markit Manufacturing PMI that outperformed expectations at 54.6 vs. projected 52.8.
Throughout the journey, the pair cascaded to retest 6-weeks lows close to 1.5111 regions. Wall Street had closed in green with the Dow up 0.83%, the Nasdaq higher 1.36%, and the S&P with gains at 1.25%.
At moment of writing, the pair traded at 1.5119, between supports at 1.5107 (July 15 highs), 1.5084 (July 15 lows) and 1.5071 (July 11 lows), 1.5084 (July 15 lows), 1.5107 (July 15 highs) and resistances at 1.5128 (July 31 lows), 1.5157 (July 18 lows), 1.5194 (July 10 highs). The FXstreet trend index reported pair as slightly bearish on one-hour timeframe analysis.
Price action indicated a strong reaction among market participants on the aftermath of US jobs and manufacturing data releases earlier on Thursday. Accumulating 0.60% in losses, the pound continued to drop after failed attempt to consolidate against the dollar on UK Markit Manufacturing PMI that outperformed expectations at 54.6 vs. projected 52.8.
Throughout the journey, the pair cascaded to retest 6-weeks lows close to 1.5111 regions. Wall Street had closed in green with the Dow up 0.83%, the Nasdaq higher 1.36%, and the S&P with gains at 1.25%.
At moment of writing, the pair traded at 1.5119, between supports at 1.5107 (July 15 highs), 1.5084 (July 15 lows) and 1.5071 (July 11 lows), 1.5084 (July 15 lows), 1.5107 (July 15 highs) and resistances at 1.5128 (July 31 lows), 1.5157 (July 18 lows), 1.5194 (July 10 highs). The FXstreet trend index reported pair as slightly bearish on one-hour timeframe analysis.