GBP/USD capped by 10-day SMA

By FXstreet.com | August 27, 2014 AAA

FXStreet (Córdoba) - The GBP/USD managed to resume the advance and retested yesterday’s highs during the Asian session, but it was capped once again by the 1.6605 area and confined to a slim range.



The GBP/USD lacked momentum to break above the 10-day SMA (1.6604) and entered a consolidation phase that has extended over the last hours. Today's data might act as a catalyst for the pair, with the US GDP, jobless claims and pending home sales on tap, while UK data includes August consumer confidence.

GBP/USD technical levels



At time of writing, the GBP/USD is trading at 1.6592, still 0.11% above its opening price. A break above 1.6604 (Aug 27 & 28 highs/10-day SMA), would open the way towards 1.6670 (Aug 20 high) and 1.6685 (200-day SMA). On the other hand, supports are seen at 1.6535 (Aug 27 low), 1.6509 (Mar 26 low) and 1.6500 (psychological level).



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