28 May 2014
GBP/USD finds support at 50-day SMA
FXStreet (Córdoba) - The British pound is among the worst performers Wednesday, with the GBP/USD having printed 2-week lows during the European session.
Coupled with broad USD strength, the pound weakened further and triggered stops on the break of 1.6780, sliding to a fresh low of 1.6760 before stalling at the 50-day SMA. At time of writing, the GBP/USD is trading at 1.6770, still 0.23% below its opening price.
The pair is falling for second day in a row, weighed by a mix of poor UK mortgage data released Tuesday and a technical failure to hold above the 1.6900 mark.
GBP/USD levels to watch
As for technical levels, the GBP/USD could find next supports at 1.6760 (May 28 low/50-day SMA), 1.6732 (May 15 low) and 1.6700 (psychological level). On the other hand, resistances could be faced at 1.6815 (May 28 high), 1.6826 (10-day SMA) and 1.6852 (May 26 high).
Coupled with broad USD strength, the pound weakened further and triggered stops on the break of 1.6780, sliding to a fresh low of 1.6760 before stalling at the 50-day SMA. At time of writing, the GBP/USD is trading at 1.6770, still 0.23% below its opening price.
The pair is falling for second day in a row, weighed by a mix of poor UK mortgage data released Tuesday and a technical failure to hold above the 1.6900 mark.
GBP/USD levels to watch
As for technical levels, the GBP/USD could find next supports at 1.6760 (May 28 low/50-day SMA), 1.6732 (May 15 low) and 1.6700 (psychological level). On the other hand, resistances could be faced at 1.6815 (May 28 high), 1.6826 (10-day SMA) and 1.6852 (May 26 high).