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

Related Forex Analysis
  1. Session recap: Majors bounced as Germany fueled the Euro; Optimism
    Forex News

    Session recap: Majors bounced as Germany fueled the Euro; Optimism

  2. UK Autumn Statement 2014 Preview - Fantasy Fiscal Policy
    Forex News

    UK Autumn Statement 2014 Preview - Fantasy Fiscal Policy

  3. The GBP/USD collides with the MA-200 hours at 1.5705
    Forex News

    The GBP/USD collides with the MA-200 hours at 1.5705

  4. GBP/USD bid within broader bearish trend
    Forex News

    GBP/USD bid within broader bearish trend

  5. US Dollar Faces Tough Test, Japanese Yen Remains Focus
    Forex News

    US Dollar Faces Tough Test, Japanese Yen Remains Focus

Trading Center