There goes the 38.2 fib in GBP/USD via ForexLive

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

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.

posted via ForexLive

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: ForexGlobalEconomics
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!