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Sep 3, 2014
GBP/USD takes a breather after fresh 6-month lows
FXStreet (Córdoba) - The GBP/USD is staging a minor bounce after yesterday sell off took it to its lowest in 6 months amid fears of a yes vote in Scotland.
The GBP/USD had it worst performing since January on Tuesday, falling nearly 150 pips throughout the day weighed by news that the Scottish polling gap is narrowing into the referendum on Sep 18.
The Cable extended losses during the Asian session and bottomed out at 1.6444, posting its lowest level since February 12 before bouncing. The pair has managed to recover to the 1.6480 zone but the correction is timid compared to the steep fall.
GBP/USD technical levels
At time of writing, the GBP/USD is trading at 1.6475, a few pips above its opening price, with immediate resistance at 1.6490 (23.6% Fibo of this week fall 1.6643-1.6444) and 1.6520 (38.2% fibo). On the other hand, should renewed pressure take the GBP below 1.6444 (Sep 3 low), next supports are seen at 1.6425 (Feb 12 low) and 1.6400 (psychological level).
The GBP/USD had it worst performing since January on Tuesday, falling nearly 150 pips throughout the day weighed by news that the Scottish polling gap is narrowing into the referendum on Sep 18.
The Cable extended losses during the Asian session and bottomed out at 1.6444, posting its lowest level since February 12 before bouncing. The pair has managed to recover to the 1.6480 zone but the correction is timid compared to the steep fall.
GBP/USD technical levels
At time of writing, the GBP/USD is trading at 1.6475, a few pips above its opening price, with immediate resistance at 1.6490 (23.6% Fibo of this week fall 1.6643-1.6444) and 1.6520 (38.2% fibo). On the other hand, should renewed pressure take the GBP below 1.6444 (Sep 3 low), next supports are seen at 1.6425 (Feb 12 low) and 1.6400 (psychological level).