GBP/USD falls to 1.6975

By FXstreet.com | Updated July 28, 2014 AAA

FXStreet (San Francisco) - The GBP/USD was unable to break above the 1.7000 area and after rejecting this level, the Cable is now trading down at 1.6975.



Currently, GBP/USD is trading at 1.6979, up 0.03% on the day, having posted a daily high at 1.7003 and low at 1.6973. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.



GBP/USD Sentiment



"Cable's spent the last couple of sessions in a quiet consolidation below 1.7000. A move above that level would be the first sign of trouble for the shorts. Above 1.0725 , where we have a downtrend drawn off the 1.7190 top is probably the area to throw in the towel and regroup."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD rejected at 1.52

  2. Forex News

    GBP/USD failing at 1.52 levels – FXStreet

  3. Forex News

    GBP/USD recovers to 1.5180

  4. Forex News

    GBP/USD upside corrective – Commerzbank

  5. Forex News

    GBP/USD Technical Analysis: Aiming Above 1.52 Figure

Trading Center