Forex: GBP/USD stagnant around 1.5800
Forex pairs in this Article »
GBP/USD
FXstreet.com (Córdoba) - The Cable continues to trade in a really tight range on Monday, hovering around the 1.5800 psychological level, as investors shy away from big moves ahead of the Jackson Hole Symposium of central bankers.
GBPUSD touched a low of 1.5790 during the New York session but lacked bearish momentum to break that level and has spent the last hours virtually unmoved. At time of writing the pair is trading at the 1.5795/1.5800 zone , 0.1% below its opening price.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com, notes that GBPUSD holds a bearish tone in 4-hour chart, with price below a bearish 20 SMA and momentum accelerating south below 100. "Stops should gather below the 1.5790 mark and once triggered, 1.5740 a daily ascendant trend line, is next support", she says.
GBPUSD touched a low of 1.5790 during the New York session but lacked bearish momentum to break that level and has spent the last hours virtually unmoved. At time of writing the pair is trading at the 1.5795/1.5800 zone , 0.1% below its opening price.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com, notes that GBPUSD holds a bearish tone in 4-hour chart, with price below a bearish 20 SMA and momentum accelerating south below 100. "Stops should gather below the 1.5790 mark and once triggered, 1.5740 a daily ascendant trend line, is next support", she says.
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