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21 May 2014
GBP/USD trades below 1.6880
FXStreet (San Francisco) - The Sterling is retracing from highs at 1.6920 as after breaking the 1.6880 little support, it is testing the 1.6875 against the US Dollar.
Earlier in the day, stronger than expected retail sales data and hawkish Bank of England minutes fueled the Sterling; now the pair is in consolidation pattern.
Currently, GBP/USD is trading at 1.6883, up 0.26% on the day, having posted a daily high at 1.6923 and low at 1.6831. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/USD levels
According to Gerry Davies from FXBeat, "1.6934 is the 76.4% retracement of the 1.6997-1.6732 sell-off." Davies points that "above there talk of sell orders clustered 1.6940/50, while barrier option interest is well-touted up at 1.7000 which is likely to be stubbornly defended if we were ever to get back up there."
Earlier in the day, stronger than expected retail sales data and hawkish Bank of England minutes fueled the Sterling; now the pair is in consolidation pattern.
Currently, GBP/USD is trading at 1.6883, up 0.26% on the day, having posted a daily high at 1.6923 and low at 1.6831. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/USD levels
According to Gerry Davies from FXBeat, "1.6934 is the 76.4% retracement of the 1.6997-1.6732 sell-off." Davies points that "above there talk of sell orders clustered 1.6940/50, while barrier option interest is well-touted up at 1.7000 which is likely to be stubbornly defended if we were ever to get back up there."