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Sep 2, 2014
GBP/USD extends losses to near 1-week low
FXStreet (Córdoba) - The GBP/USD broke below another barrier and accelerated the sell-off to its lowest in nearly a week despite a positive reading of UK construction PMI.
The GBP/USD came under renewed pressure and fell as low as 1.6538, last seen Aug 27. At time of writing, the Cable is trading at 1.6545, recording a 0.38% loss since opening.
"Seems increased Scottish Independence worries are playing a part in this bout of sterling weakness", said Gerry Davies, analyst at FXBeat. "Think the worries are overblown, but you can't go against the market".
GBP/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that a decisive break below the 1.6550/35 area would pave the way for a quick drop toward 1.6490 and then 1.6450. “On the other hand, 1.6577 has become the resistance level to watch as only above it the pair may lose some of the bearish pressure”.
The GBP/USD came under renewed pressure and fell as low as 1.6538, last seen Aug 27. At time of writing, the Cable is trading at 1.6545, recording a 0.38% loss since opening.
"Seems increased Scottish Independence worries are playing a part in this bout of sterling weakness", said Gerry Davies, analyst at FXBeat. "Think the worries are overblown, but you can't go against the market".
GBP/USD technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that a decisive break below the 1.6550/35 area would pave the way for a quick drop toward 1.6490 and then 1.6450. “On the other hand, 1.6577 has become the resistance level to watch as only above it the pair may lose some of the bearish pressure”.