24 Jul 2014
GBP/USD dips below 1.7000
FXStreet (Córdoba) - The GBP/USD extended its decline and touched levels below 1.7000 for first time in a month after data showed US jobless claims unexpectedly fell last week.
Claims for unemployment benefits fell by 19K to 284K last week, hitting an 8-year low. Good news gave the greenback a boost and sent the GBP/USD through the 1.7000 mark to a 1-month low of 1.6990.
The GBP/USD however, has found support and recovered slightly to currently trade at 1.6995, recording a 0.27% loss on the day. The GBP/USD came under pressure earlier after UK retail sales came in worse-than-expected.
GBP/USD levels to watch
In terms of technical levels, the GBP/USD could find next supports at 1.6970 (Jun 26 low), 1.6951 (Jun 25 low) and 1.6940 (61.8% Fibo of 1.6692/1.7190). On the other hand, resistances are seen at 1.7052 (Jul 24 high), 1.7094 (Jul 23 high) and 1.7100/02 (psychological level/20-day SMA).
Claims for unemployment benefits fell by 19K to 284K last week, hitting an 8-year low. Good news gave the greenback a boost and sent the GBP/USD through the 1.7000 mark to a 1-month low of 1.6990.
The GBP/USD however, has found support and recovered slightly to currently trade at 1.6995, recording a 0.27% loss on the day. The GBP/USD came under pressure earlier after UK retail sales came in worse-than-expected.
GBP/USD levels to watch
In terms of technical levels, the GBP/USD could find next supports at 1.6970 (Jun 26 low), 1.6951 (Jun 25 low) and 1.6940 (61.8% Fibo of 1.6692/1.7190). On the other hand, resistances are seen at 1.7052 (Jul 24 high), 1.7094 (Jul 23 high) and 1.7100/02 (psychological level/20-day SMA).