12 Dec 2013
GBP/USD hits daily low after US data
FXstreet.com (Córdoba) - The GBP/USD slumped to retest daily lows after mixed US data triggered a dollar rally across the board.
The GBP/USD dropped more than 50 pips in a matter of minutes and hit a marginally new low for the day at 1.6350 but managed to hold above yesterday's trough of 1.6338. At time of writing, the GBP/USD is trading at 1.6355, recording a 0.1% loss on the day, having printed a high of 1.6417 during the European trade.
US October retail sales grew 0.7%, exceeding expectations while jobless claims rose more than expected to 368,000 in the week ending Dec 6, reaching the highest level in two months.
GBP/USD technical levels
If the GBP/USD breaks below 1.6338 (Dec 11 low), next supports could be found at 1.6322 (Dec 9 low) and 1.6300 (psychological level). On the upside, resistances are seen at 1.6417 (daily high) and 1.6457 (Dec 11 high) ahead of 1.6465 (2-year high Dec 10 high).
The GBP/USD dropped more than 50 pips in a matter of minutes and hit a marginally new low for the day at 1.6350 but managed to hold above yesterday's trough of 1.6338. At time of writing, the GBP/USD is trading at 1.6355, recording a 0.1% loss on the day, having printed a high of 1.6417 during the European trade.
US October retail sales grew 0.7%, exceeding expectations while jobless claims rose more than expected to 368,000 in the week ending Dec 6, reaching the highest level in two months.
GBP/USD technical levels
If the GBP/USD breaks below 1.6338 (Dec 11 low), next supports could be found at 1.6322 (Dec 9 low) and 1.6300 (psychological level). On the upside, resistances are seen at 1.6417 (daily high) and 1.6457 (Dec 11 high) ahead of 1.6465 (2-year high Dec 10 high).