Pound weakens after hitting multi-year highs versus dollar. GBP/USD continues to be unable to hold firmly above 1.3700. The GBP/USD dropped further and bottomed at 1.3634, the lowest level in two days. Then it rebounded as US stocks trimmed losses and climbed to 1.3680. It is about to end the week hovering around 1.3660, up 80 pips from last week close. The pound lost momentum after being unable again to hold above 1.3700. A stronger US dollar and a rally in EUR/GBP contributed to the retreat in GBP/USD. Economic data from the US came in better-than-expected. Existing home sales climbed to the highest level in 14 years, and the flash estimate of the Markit PMIs rose unexpectedly. The data did not boost the greenback and helped equity markets. In Wall Street, the Dow Jones is falling by 0.54% and the Nasdaq 0.22%. Both indexes are off lows. From a technical perspective, GBP/USD remains in a bullish trend. The pound continues to show difficulties in breaking and holding above 1.3700. It needs to consolidate above to clear the way to more gains, while below the odds of a more significant bearish correction will raise. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Canada: Retail sales to lose some momentum – NFB FX Street 1 year Pound weakens after hitting multi-year highs versus dollar. GBP/USD continues to be unable to hold firmly above 1.3700. The GBP/USD dropped further and bottomed at 1.3634, the lowest level in two days. Then it rebounded as US stocks trimmed losses and climbed to 1.3680. It is about to end the week hovering around 1.3660, up 80 pips from last week close. The pound lost momentum after being unable again to hold above 1.3700. A stronger US dollar and a rally in EUR/GBP contributed to the retreat in GBP/USD. Economic data from the US came in better-than-expected. Existing home sales climbed… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
