Mike had the low down on the support and resistance in the pound earlier and we’ve just had a test of the 1.70 bids as we trade down to 1.7002.
The move has come on a bit fo dollar strength coming in as the yanks park up for the start of the week.
USD/JPY tacked on a whopping 7 pips from 101.83 and it was enough to send cable down.
If we break the level then we could see a quick dump to at least the 1.6980 level, if not further if longs decide the break is enough to see them taking profits.
GBP/USD h4 chart 23 06 2014
1.7020 is the first line of mild resistance we should face on a move back up.
