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12 Mar 2014
GBP/USD clings to 1.6600
FXStreet (Córdoba) - Having bounced off a 1-month low, the GBP/USD is now in the search of short-term direction amid lack of economic news.
The GBP/USD pierced the 1.6600/1.6580 support area and scored a low of 1.6567, but managed to find buyers and recovered, erasing completely intraday losses. However, the lost momentum and was confined to a range over the last hours and it was last flat around 1.6610.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes short-term indicators maintain a clear bearish tone, with price below 1.6650, "which continues to support a downward continuation towards 1.6550 immediate short term support".
Bednarik locates next supports at 1.6600, 1.6580 and 1.6545, while resistances are seen at 1.6650, 1.6690 and 1.6745.
The GBP/USD pierced the 1.6600/1.6580 support area and scored a low of 1.6567, but managed to find buyers and recovered, erasing completely intraday losses. However, the lost momentum and was confined to a range over the last hours and it was last flat around 1.6610.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes short-term indicators maintain a clear bearish tone, with price below 1.6650, "which continues to support a downward continuation towards 1.6550 immediate short term support".
Bednarik locates next supports at 1.6600, 1.6580 and 1.6545, while resistances are seen at 1.6650, 1.6690 and 1.6745.