FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the GBP/USD posted a limited advance.



Key Quotes:



“The GBP/USD posted a limited advance. This first trading day of the week, favored by UK Construction PMI released early Europe, showing house building grew at its fastest pace in over 10 years”.



“The GBP/USD hourly chat shows however the upside potential limited, as price remains below strong static level of 1.6860, and indicators losing upward strength albeit still in positive territory”.



“In the 4 hours chart indicators extend higher from oversold levels but hold in negative territory, while 20 SMA caps the upside around mentioned static resistance, reinforcing its strength”.



“An advance above 1.6860 can see the pair extending up to 1.6900 first, but will be only above next resistance of 1.6940 what it takes to revert the negative tone. Below 1.6805 on the other hand, bears will take control with immediate short term support then at 1.6770”.



“Support levels: 1.6805 1.6770 1.6735”.



“Resistance levels: 1.6860 1.6895 1.6940”



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Investing

    GBP/USD: August 2015 Forecast

  2. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  3. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  4. Forex News

    Monetary Policy Speculation Continues Next Week With NFPs, RBA and BoE

  5. Forex News

    GBP Opening Monthly Range Hinges on BoE Vote Count, Inflation Report

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!