GBP/USD fills the opening gap, nears 1.6600

By FXstreet.com | August 25, 2014 AAA

FXStreet (Córdoba) - The GBP/USD has managed to extend its recovery during the European session, filling the downward opening gap in the process.



The GBP/USD has been in slowly moving away from fresh 5-month lows scored at the opening, having regained the 50-hour SMA and moving closer to the 1.6600 zone. At time of writing, the Cable is trading at the 1.6590 zone, 0.10% above its opening price.



In the absence of fresh economic data, investors are still assessing Friday’s Yellen speech, which was perceived as less dovish by markets.

GBP/USD technical outlook



“The overall outlook below 1.6600 intraday resistance remains bearish, for a slide towards 1.6460”, said Stoyan Mihaylov, analyst at Deltastock. “Crucial on the upside is 1.6650-70 area”.



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD sitting pretty despite lower CPI’s
    Forex News

    GBP/USD sitting pretty despite lower CPI’s

  2. GBP/USD technical are mixed - Scotiabank
    Forex News

    GBP/USD technical are mixed - Scotiabank

  3. Still solid GDP growth - BNP
    Forex News

    Still solid GDP growth - BNP

  4. GBP/USD extends gains, nears 1.6100
    Forex News

    GBP/USD extends gains, nears 1.6100

  5. USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles
    Forex News

    USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles

Trading Center