Down to 1.6984 we are and we always find support and resistance around the 80 number in cable.
We're close to challenging the mild support at 1.6965/70 ahead of stronger at 1.6940/50 that I highlighted earlier.
GBP/USD H4 chart 24 07 2014
The pound is in a funk right now and it's possible that if tomorrow's GDP doesn't massively surprise to the upside then the falls could extend much further. The market is expecting 0.8% q/q but has already been primed for 0.9% from the BOE. With the market being tipped the nod we'll need a bigger beat to see cable turn around.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
