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11 Mar 2014
GBP/USD challenges lows near 1.6620
FXStreet (Edinburgh) - The GBP/USD is prolonging its downside momentum on Tuesday, hovering over intraday lows in the 1.6625/20 area.
GBP/USD eyes on UK data
Spot would be under pressure ahead in the day as Industrial and Manufacturing Production are due in the UK economy, with consensus expecting a monthly expansion of 0.2% and 0.3%, respectively. Later on, the NIESR GDP Estimate would also be in the spotlight, expected at 0.8% in the three months ended in February. In the opinion of Paul Robson, Senior FX Strategist at RBS, “Initially support at 1.6650 and resistance remains 1.6775/1.6800. We’ll most likely need a daily close above 1.6820 soon to really get away from the risk that the recent move fades and spot slips back lower to the lower end of the range”.
GBP/USD levels to watch
As of writing the pair is down 0.13% at 1.6622 facing the next support at 1.6586 (30-d MA) followed by 1.6583 (low Feb.24) and finally 1.6500 (psychological level). On the flip side, a break above the psychological mark at 1.6700 would aim for 1.6745 (high Mar.10) and then 1.6785 (high Mar.7).
GBP/USD eyes on UK data
Spot would be under pressure ahead in the day as Industrial and Manufacturing Production are due in the UK economy, with consensus expecting a monthly expansion of 0.2% and 0.3%, respectively. Later on, the NIESR GDP Estimate would also be in the spotlight, expected at 0.8% in the three months ended in February. In the opinion of Paul Robson, Senior FX Strategist at RBS, “Initially support at 1.6650 and resistance remains 1.6775/1.6800. We’ll most likely need a daily close above 1.6820 soon to really get away from the risk that the recent move fades and spot slips back lower to the lower end of the range”.
GBP/USD levels to watch
As of writing the pair is down 0.13% at 1.6622 facing the next support at 1.6586 (30-d MA) followed by 1.6583 (low Feb.24) and finally 1.6500 (psychological level). On the flip side, a break above the psychological mark at 1.6700 would aim for 1.6745 (high Mar.10) and then 1.6785 (high Mar.7).