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13 Mar 2015
GBP/USD: Making a minor recovery below key levels
FXStreet (Guatemala) - GBP/USD is currently trading at 1.4743 with a high of 1.4898 and a low of 1.4708.
GBP/USD is recovering from the aforementioned lows but the minor bounce has been capped amongst a strong dollar environment. The data today from the US was softer than consensus, with PPI's lower on weak oil and a strong dollar while the Consumer confidence gauges were also disappointing.
Technically, the pound is very weak vs the dollar today, it has cleared through key support levels, through March 2010 and 2013 lows and support while threatening to move lower and potentially break out of the 5 year sideways channel between 1.42 / 1.72. There will be consolidation and ranges likely to play out with a grind lower if this were to be the case, while for the meantime fundamentals will take over.
GBP/USD is recovering from the aforementioned lows but the minor bounce has been capped amongst a strong dollar environment. The data today from the US was softer than consensus, with PPI's lower on weak oil and a strong dollar while the Consumer confidence gauges were also disappointing.
Technically, the pound is very weak vs the dollar today, it has cleared through key support levels, through March 2010 and 2013 lows and support while threatening to move lower and potentially break out of the 5 year sideways channel between 1.42 / 1.72. There will be consolidation and ranges likely to play out with a grind lower if this were to be the case, while for the meantime fundamentals will take over.