28 Nov 2014
GBP/USD breaches 1.5700
FXStreet (Edinburgh) - The sterling is giving away initial gains on Friday, dragging GBP/USD back below the 1.5700 mark.
GBP/USD retreats on USD strength
The pound is suffering the renewed sentiment towards the greenback, no re-visiting the area below 1.5700 the figure. While there are no scheduled data releases today in the UK economy, the USD dynamics will continue to be the main driver for the pair. Earlier on, UK’s Consumer Confidence gauged by Gfk remained at -2 for the present month vs. -1 expected. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “To alleviate immediate upside pressure, a slide back below the 1.5737 minor level will be needed. The 1.5595/92 recent lows are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013”.
GBP/USD relevant levels
At the moment the pair is losing 0.35% at 1.5686 and a breakdown of 1.5649 (low Nov.25) would aim for 1.5630 (low Nov.24). On the upside, the initial barrier lines up at 1.5826 (high Nov.27) ahead of 1.5887 (30-d MA) and finally 1.5940 (high Nov.12).
GBP/USD retreats on USD strength
The pound is suffering the renewed sentiment towards the greenback, no re-visiting the area below 1.5700 the figure. While there are no scheduled data releases today in the UK economy, the USD dynamics will continue to be the main driver for the pair. Earlier on, UK’s Consumer Confidence gauged by Gfk remained at -2 for the present month vs. -1 expected. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “To alleviate immediate upside pressure, a slide back below the 1.5737 minor level will be needed. The 1.5595/92 recent lows are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013”.
GBP/USD relevant levels
At the moment the pair is losing 0.35% at 1.5686 and a breakdown of 1.5649 (low Nov.25) would aim for 1.5630 (low Nov.24). On the upside, the initial barrier lines up at 1.5826 (high Nov.27) ahead of 1.5887 (30-d MA) and finally 1.5940 (high Nov.12).