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).



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