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GBPUSD : Looking Bearish, Key Support at 1.6694

GBPUSD : Daily Chart

GBPUSD finally broke down today below the key support at 1.6819 after the release of downbeat trade balance data from U.K. weakening the demand for British Pound whereas the concerns over tension in Iraq and Ukraine is strengthening the demand for US Dollar. According to the data, U.K. trade deficit widened to 9.41 billion British pound in June which economists were expecting to narrow to 8.80 billion pound in June.The nearest support GBPUSD will find is at 1.6748 from which the pair may rise or continue to decline.

The moving averages on the chart are still heading upwards signaling an upward continuation. If taking Fundamentals also in consideration the pair currently seems bearish.