FXStreet (Córdoba) - The GBP/USD failed to regain the 1.7100 mark and came under pressure during the European session, sliding back to the 1.7070 zone before finding support.
The GBP/USD fell to a 3-week low of 1.7035 Friday, weighed by broad USD strength on geopolitical risks, but managed to recover before the weekend, although the 20-day SMA has helped to maintain the pair capped at 1.7100. At time of writing, the pair is trading at 1.7080, virtually unchanged on the day.
GBP/USD technical outlook
“GBP/USD is weakening, as can be seen by the breach of the support at 1.7060. Further consolidation is likely before a resumption of the underlying uptrend”, said Luc Luyet, analyst at Swissquote Bank SA. “Another support stands at 1.7007 (see also the 38.2% retracement). Hourly resistances can be found at 1.7118 (18/07/2014 high) and 1.7192”.