GBP/USD bearish below 1.70 handle

By FXstreet.com | Updated July 28, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6992, up 0.10% on the day, having posted a daily high at 1.7003 and low at 1.6973.



GBP/USD remains in a tight range sub the 1.70 handle and the GBP/USD short-term technicals are looking bearish according to Eric Theoret, Currency Strategist at Scotiabank. “Momentum indicators highlight acceleration. An RSI at 40 provides for further downside before reaching oversold levels. A meaningful break of the 50 day MA will shift the focus to the 100 day MA at 1.6850."



GBP/USD Levels



With spot trading at 1.6993, we can see next resistance ahead at 1.7000 (Yesterday's High) and 1.7015 (Hourly 100 SMA). Support below can be found at 1.6985 (Hourly 20 EMA) and 1.6975 (Weekly Low).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Double Top reversal in GBP/USD hourly chart – FXStreet

  2. Forex News

    GBP/USD bullish above 1.5265 – Varengold

  3. Forex News

    GBP/USD consolidates above 20-DMA, awaits fresh incentives

  4. Forex News

    GBP/USD Technical Analysis: Digestion Below 1.53 Continues

  5. Forex News

    GBP: Fed volatility within 50 pip range, scores ground on 1.52 handle

Trading Center