GBP/USD bears looking for break below 1.6802

By FXstreet.com | August 07, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6832, down 0.00% on the day, having posted a daily high at 1.6836 and low at 1.6831.



GBP/USD is trading with a heavy bias within a tight range. Valeria Bednarik, chief analyst at FXStreet explained that the BOE has been a non-event, with attention shifting to next week Inflation hearings and Carney’s words. “Technically, the short term picture maintains a mild bearish tone, as per the hourly chart showing price below its 20 SMA and momentum heading lower below its midlines. In the 4 hours chart 20 SMA stands flat at 1.6860, offering intraday resistance, while indicators also head south in negative territory. Price however, needs to extend below 1.6802 low to be able to extend its decline this Friday”.



GBP/USD Levels



Spot is presently trading at 1.6832, and next resistance can be seen at 1.6849 (Hourly 100 SMA), 1.6855 (Daily Classic PP), 1.6895 and 1.6940. Next support to the downside can be found at 1.6800, 1.6770 and 1.6730



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