GBP/USD a few pips above critical 1.6950 level - FXStreet

By FXstreet.com | July 25, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the dollar remain strong on Friday and the GBP/USD is standing a few pips above critical 1.6950 level.



Key quotes



“Early data was pretty uneventful when it comes to price reaction, as UK GDP readings met expectations, triggering no reaction on the pair.”



“Despite heavy, the lack of follow through is pretty discouraging so far and further price confirmation is required to see an extension of current bearish move.”



“From a technical point of view and according to the 4 hours chart, the downward potential remains intact, with price well below 20 SMA and 200 EMA, and momentum heading strongly south in negative territory.”



“Therefore, a price acceleration below mentioned support should favor more slides, down to 1.6900/10 price zone.”



“Immediate resistance stands at 1.7000, with gains above it signaling a probable retest of 1.7050.”



“Above this last, next resistance comes at 1.7095, albeit chances of such advance seem limited for this last day of the week. “



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