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1 Jan 1970
GBP/USD subdued below 1.6500
FXStreet (Edinburgh) - The sterling is posting meagre gains on Friday, taking the GBP/USD to the area below the 1.6500 handle.
GBP/USD keeps the range
The pair remains in the lower end of the weekly range, falling for the fifth consecutive session and trading in levels last seen in early February. Data-wise, better results from the UK’s pubic sector finances brought in no respite for the sterling, still suffering the FOMC effects and waiting for some key Fedspeak later on today. “Although cable has recovered after yesterday's anticipated resumption of fall from Feb's 4-year peak at 1.6823 to 1.6480 n minor consolidation would be seen, as long as res at 1.6570 holds, bearishness remains for further weakness to 1.6453 and then 1.6423/25”, observed the AceTrader Team.
GBP/USD levels to watch
The pair is now retreating 0.10% at 1.6487 and a breakdown of 1.6453 (38.2% of 1.5854-1.6823) would aim for 1.6425 (low Feb.12) and then 1.6392 (low Feb.11). On the upside the first resistance lines up at 1.6520 (high Mar.21) ahead of 1.6570 (high Mar.20) and then 1.6600 (psychological level).
GBP/USD keeps the range
The pair remains in the lower end of the weekly range, falling for the fifth consecutive session and trading in levels last seen in early February. Data-wise, better results from the UK’s pubic sector finances brought in no respite for the sterling, still suffering the FOMC effects and waiting for some key Fedspeak later on today. “Although cable has recovered after yesterday's anticipated resumption of fall from Feb's 4-year peak at 1.6823 to 1.6480 n minor consolidation would be seen, as long as res at 1.6570 holds, bearishness remains for further weakness to 1.6453 and then 1.6423/25”, observed the AceTrader Team.
GBP/USD levels to watch
The pair is now retreating 0.10% at 1.6487 and a breakdown of 1.6453 (38.2% of 1.5854-1.6823) would aim for 1.6425 (low Feb.12) and then 1.6392 (low Feb.11). On the upside the first resistance lines up at 1.6520 (high Mar.21) ahead of 1.6570 (high Mar.20) and then 1.6600 (psychological level).