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12 Mar 2014
GBP/USD falls to 1-month low
FXStreet (Córdoba) - The GBP/USD broke decisively below the 1.6600 mark and fell to a fresh 1-month low in recent dealings.
The GBP/USD came under pressure this week after being rejected by the 1.6750/80 area, with the greenback also benefiting from the risk-off tone. The GBP/USD triggered stops below 1.6600/1.6580 and fell to a low of 1.6568 before bouncing slightly. At time of writing, the GBP/USD is trading at the 1.6580 zone, still 0.2% below its opening price.
GBP/USD technical outlook
Having broken below the 1.6600 Fibo support, "the pair will likely extend now towards 1.6550 as long as pullbacks fail to regain 1.6600, with a break below it pointing for an approach to 1.6510", says Valeria Bednarik, chief analyst at FXStreet. "A price acceleration above 1.6610 should see price advance up to 1.6650 strong static resistance, but sellers will likely jump in around it, preventing the pair from advancing further".
The GBP/USD came under pressure this week after being rejected by the 1.6750/80 area, with the greenback also benefiting from the risk-off tone. The GBP/USD triggered stops below 1.6600/1.6580 and fell to a low of 1.6568 before bouncing slightly. At time of writing, the GBP/USD is trading at the 1.6580 zone, still 0.2% below its opening price.
GBP/USD technical outlook
Having broken below the 1.6600 Fibo support, "the pair will likely extend now towards 1.6550 as long as pullbacks fail to regain 1.6600, with a break below it pointing for an approach to 1.6510", says Valeria Bednarik, chief analyst at FXStreet. "A price acceleration above 1.6610 should see price advance up to 1.6650 strong static resistance, but sellers will likely jump in around it, preventing the pair from advancing further".