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17 Feb 2014
GBP/USD retreats from 4-year high
FXStreet (Córdoba) - After hitting a 4-year high, the GBP/USD failed to hold above the 1.5800 mark and erased intraday gains.
After being rejected from a high of 1.6822, the GBP/USD came under mild pressure and dropped more than 100 pips to a low of 1.6720 before finding support. At time of writing, the GBP/USD is trading at the 1.6740 zone, virtually unchanged since opening.
"On balance, the erratic nature of US data and the generally rising optimism in UK data are likely to push this pair higher but nothing is definite", said David Johnson, analyst at Halo Financial. "What it does mean ids that we could fall back to $1.62 and still be in an upward trend".
GBP/USD technical levels
In terms of technical levels, immediate resistances are now seen at 1.6800 (psychological level), 1.6822 (Feb 17 high) and 1.6850 (Nov 22 2009 high). On the other hand, supports could be faced at 1.6720 (Feb 17 low), 1.6700 (psychological level) and 1.6643 (Feb 14 low).
After being rejected from a high of 1.6822, the GBP/USD came under mild pressure and dropped more than 100 pips to a low of 1.6720 before finding support. At time of writing, the GBP/USD is trading at the 1.6740 zone, virtually unchanged since opening.
"On balance, the erratic nature of US data and the generally rising optimism in UK data are likely to push this pair higher but nothing is definite", said David Johnson, analyst at Halo Financial. "What it does mean ids that we could fall back to $1.62 and still be in an upward trend".
GBP/USD technical levels
In terms of technical levels, immediate resistances are now seen at 1.6800 (psychological level), 1.6822 (Feb 17 high) and 1.6850 (Nov 22 2009 high). On the other hand, supports could be faced at 1.6720 (Feb 17 low), 1.6700 (psychological level) and 1.6643 (Feb 14 low).