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29 May 2014
GBP/USD holds above 1.6700
FXStreet (Córdoba) - The GBP/USD recovered slightly from 1-month lows and has been able to hold above 1.6700. Earlier bottomed at 1.6692, reaching the lowest price since April 15 and then bounced, peaking at 1.6740.
Since the beginning of the American session it has been moving in a range with support above 1.6700 and resistance below 1.6730, trading around the price it had closed yesterday.
GBP/USD technical outlook
“The hourly chart shows price pressuring to overcome a flat 20 SMA while indicators maintain a bearish tone; in the 4 hours chart indicators move back and forth around oversold levels, still not signaling the possibility of an upward corrective movement”, says ">Valeria Bednarik, Chief Analyst at FXStreet.
The 1.6700 has proved strong in the past, notes Bednarik, but warns that risks of a bearish breakout prevails, “with an acceleration below 1.6695 anticipating a quick test o 1.6650 price zone”.
Since the beginning of the American session it has been moving in a range with support above 1.6700 and resistance below 1.6730, trading around the price it had closed yesterday.
GBP/USD technical outlook
“The hourly chart shows price pressuring to overcome a flat 20 SMA while indicators maintain a bearish tone; in the 4 hours chart indicators move back and forth around oversold levels, still not signaling the possibility of an upward corrective movement”, says ">Valeria Bednarik, Chief Analyst at FXStreet.
The 1.6700 has proved strong in the past, notes Bednarik, but warns that risks of a bearish breakout prevails, “with an acceleration below 1.6695 anticipating a quick test o 1.6650 price zone”.