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17 Dec 2013
GBP/USD derails and hits 1.6215, 3-week lows
FXstreet.com (Chicago) - GBP/USD continues losing pips on the dollar’s strengthening shortly after the release of housing market and inflation data.
The latest US economic result made public is the NAHB Housing market index at 58 outperforming expectations at 55. The pair accumulates 0.36% daily losses so far and yet remains 0.76% positive.
GBP/USD Technical Levels
Price action reveals the pair continues breaking supports to add up to two so far today during the American trading session. Technically speaking, the pair is below immediate support at 1.6237 (November 24th highs) and is now facing 1.6192 (November 20th highs) and 1.6128 (November 26th lows) with an upside printing resistances at 1.6288 (December 8th lows), 1.6348 (December 11th lows) followed by 1.6418 (December 12th highs). Hitting 3-week lows, bearish pressure on the greenback’s strengthening is revealed with a bearish channel extended. According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and navigates below the EMA20.
The latest US economic result made public is the NAHB Housing market index at 58 outperforming expectations at 55. The pair accumulates 0.36% daily losses so far and yet remains 0.76% positive.
GBP/USD Technical Levels
Price action reveals the pair continues breaking supports to add up to two so far today during the American trading session. Technically speaking, the pair is below immediate support at 1.6237 (November 24th highs) and is now facing 1.6192 (November 20th highs) and 1.6128 (November 26th lows) with an upside printing resistances at 1.6288 (December 8th lows), 1.6348 (December 11th lows) followed by 1.6418 (December 12th highs). Hitting 3-week lows, bearish pressure on the greenback’s strengthening is revealed with a bearish channel extended. According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and navigates below the EMA20.