Forex: GBP/USD trading near resistance at 1.5714
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GBP/USD
FXstreet.com (Barcelona) - In the absence of any groundbreaking economic indicators or results that are capable of dictating the cross this morning, the GBPUSD has consolidated near the 1.5710 level during European trading, marking a tepid gain of +0.02% Monday.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The GBPUSD's near-term outlook remains positive, with an upside rejection at 1.5743 and subsequent reversal under 1.5700, being contained by its 55 day EMA at 1.5670. Hourly studies have started to point higher price action with movement above the 1.5700 handle - hence the upside remains favored in the near-term."
In terms of the technical levels, the GBPUSD will face calculated resistance at 1.5714, 1.5727, and ultimately 1.5743. On the downside, the pair's fall will be bolstered by supportive means located at 1.5670, then 1.5659, and finally 1.5646.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The GBPUSD's near-term outlook remains positive, with an upside rejection at 1.5743 and subsequent reversal under 1.5700, being contained by its 55 day EMA at 1.5670. Hourly studies have started to point higher price action with movement above the 1.5700 handle - hence the upside remains favored in the near-term."
In terms of the technical levels, the GBPUSD will face calculated resistance at 1.5714, 1.5727, and ultimately 1.5743. On the downside, the pair's fall will be bolstered by supportive means located at 1.5670, then 1.5659, and finally 1.5646.
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