Bears require GBP/USD volumes though 1.6540

By FXstreet.com | August 26, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6541, up 0.01% on the day, having posted a daily high at 1.6546 and low at 1.6539.



GBP/USD has fallen well below the sloping channel in an extension of the strong bear trend formed at 1.7200in mid July’s business. However, the FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is now slightly bearish. Valeria Bednarik, chief analysts at FXStreet notes that the hourly conditions on the charts are showing price extending away from a mild bearish 20 SMA and momentum and turning flat in negative territory, showing not much strength at the time being. “In the 4 hours chart indicators gained some bearish slope, but momentum remains around its midline, leaving a neutral to bearish technical stance: some downward acceleration with volume through 1.6540 area is required to see the pair extending its decline, pointing then for a probable test of 1.6465 strong static support”.



GBP/USD support and resistance levels



Support levels: 1.6540 1.6490 1.6465



Resistance levels: 1.6600 1.6630 1.6660



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