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      GBP/USD recovers, focus on 1.6800

      FXStreet (Edinburgh) - The sterling is trading on a firmer footing now, pushing the GBP/USD closer to the critical barrier at 1.6800.

      GBP/USD focus on UK data, QIR

      The pair is looking to put further distance from recent multi-week troughs near 1.6760 ahead of the key UK labour market data and the BoE’s Quarterly Inflation Report, both due on Wednesday. Consensus expects the unemployment to have decreased by 30K in July and the jobless rate to have descended to 6.4% in the three months ended in June. “While the strong resistant at 1.6810 is still intact, the expected GBP weakness did not materialize. The current price action suggests limited downside risk for now but even a move above 1.6810 is likely limited to the next resistant at 1.6830. Strong support is at 1.6760/65”, commented Quek Ser Leang, Market Strategist at UOB Group.

      GBP/USD levels to consider

      At the moment the pair is retreating 0.05% at 1.6778 with the next support at 1.6740 (61.8% of 1.6460-1.7192) ahead of 1.6723 (low Jun.5) and finally 1.6699 (low Jun.4). On the flip side, a break above 1.6796 (high Aug.11) would aim for 1.6835 (high Aug.8) and then 1.6840 (10-d MA).

      German ZEW index much softer than expected - TD Securities

      The TD Securities team of analysts point out that the German ZEW index for August came in considerably lower than expected by the markets, with the economic sentiment dropping to 8.6 from 27.1 (vs 18.2 exp) and the Current Situation deteriorating from 61.8 to 44.3 (vs 55.5 exp).
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      EUR/USD eyes 2014 low

      The EUR/USD has tumbled to fresh daily lows during the European session as German Aug ZEW fell short of expectations, putting the currency under renewed pressure.
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