9 May 2014
GBP/USD hits fresh 1-week low
FXStreet (Córdoba) - The GBP/USD is stretching to fresh lows at the beginning of the American session after the release of the UK GDP estimation by NIESR.
The GBP/USD came under strong pressure and triggered stops below 1.6900, accelerating to a 1-week low of 1.6831. With the data barely affecting the pair, the Cable is currently trading at 1.6840, 0.53% below its opening price.
The UK GDP Estimate released by the National Institute of Economic and Social Research on Friday showed that 1% growth in the three months to April, following a 0.9% increase in the three months to March.
GBP/USD technical outlook
“In the 4 hours chart readings are strongly bearish, with a break below 1.6840 supporting a downward continuation towards 1.6770 price zone”, says Valeria Bednarik, chief analyst at FXStreet. ·A recovery above 1.6890 on the other hand should bring some relief on Pound, and see the pair attempting a recovery towards 1.6920”.
The GBP/USD came under strong pressure and triggered stops below 1.6900, accelerating to a 1-week low of 1.6831. With the data barely affecting the pair, the Cable is currently trading at 1.6840, 0.53% below its opening price.
The UK GDP Estimate released by the National Institute of Economic and Social Research on Friday showed that 1% growth in the three months to April, following a 0.9% increase in the three months to March.
GBP/USD technical outlook
“In the 4 hours chart readings are strongly bearish, with a break below 1.6840 supporting a downward continuation towards 1.6770 price zone”, says Valeria Bednarik, chief analyst at FXStreet. ·A recovery above 1.6890 on the other hand should bring some relief on Pound, and see the pair attempting a recovery towards 1.6920”.