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6 Mar 2014
GBP/USD clings to 1.6700 after intraday swings
FXStreet (Córdoba) - The GBP/USD oscillated widely from daily highs to lows following the latest round of indicators from the UK, the Eurozone and the US.
While the BoE and the ECB decided to keep their policies unchanged, US data showed improvement in the labor sector as jobless claims declined more than expected to 323,000 last week. The GBP/USD spiked to a high of 1.6752 only to fall all the way back to 1.6685 before settling around 1.6700, 0.1% below its opening price.
GBP/USD levels to watch
As for technical levels, the GBP/USD could find supports at 1.6685/2 (Mar 6 low/10-day SMA), 1.6656 (Mar 5 low) and finally 1.6640 (Mar 4 low). On the upside, immediate resistances are seen at 1.6752 (Mar 6 high), 1.6768 (Feb 28 high) and then 1.6800 (psychological level).
While the BoE and the ECB decided to keep their policies unchanged, US data showed improvement in the labor sector as jobless claims declined more than expected to 323,000 last week. The GBP/USD spiked to a high of 1.6752 only to fall all the way back to 1.6685 before settling around 1.6700, 0.1% below its opening price.
GBP/USD levels to watch
As for technical levels, the GBP/USD could find supports at 1.6685/2 (Mar 6 low/10-day SMA), 1.6656 (Mar 5 low) and finally 1.6640 (Mar 4 low). On the upside, immediate resistances are seen at 1.6752 (Mar 6 high), 1.6768 (Feb 28 high) and then 1.6800 (psychological level).