Forex: GBP/USD quiet around 1.58, outlook bearish – V.Bednarik
Forex pairs in this Article »
GBP/USD
FXstreet.com (San Francisco) - GBPUSD has been in operating in consolidation mode above the 55-week EMA since the weekly opening, trading a tight range between 1.5796 and 1.5820, last at 1.5805.
According to Valeria Bednarik, Chief Analyst at FXstreet.com, the technical outlook is slightly bearish in the 4-hour chart; "however, only a break below 1.5770 static support will put the pair under pressure, aiming then towards the 1.5730 price zone," she says.
Should last week's poor macro readings in the UK continue to weight on the market, support levels are noted at 1.5770 and 1.5730, while resistance levels are noted at 1.5850, 1.5885 and 1.5930.
With a UK Bank holiday scheduled for today, very little GBP-inspired price action is expected in the European session ahead. Instead, the release of Germany's IFO data at 08:00 GMT is the main event.
According to Valeria Bednarik, Chief Analyst at FXstreet.com, the technical outlook is slightly bearish in the 4-hour chart; "however, only a break below 1.5770 static support will put the pair under pressure, aiming then towards the 1.5730 price zone," she says.
Should last week's poor macro readings in the UK continue to weight on the market, support levels are noted at 1.5770 and 1.5730, while resistance levels are noted at 1.5850, 1.5885 and 1.5930.
With a UK Bank holiday scheduled for today, very little GBP-inspired price action is expected in the European session ahead. Instead, the release of Germany's IFO data at 08:00 GMT is the main event.
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