GBP/USD firm on 1.6850

By FXstreet.com | August 06, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6855, up 0.01% on the day, having posted a daily high at 1.6858 and low at 1.6848.



GBP/USD has edged back from the slide from above 1.6890 on poorer data form the UK in London and is consolidating away from the lows beyond 1.6825 which had been threatening the bulls and testing out their commitments.



Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained "GBP/USD short‐term technicals: bearish—yesterday we highlighted that the near‐term risk was (and still is) to a test of the June 12th low of 1.6786. Technicals remain bearish, even as the currency has failed to break to a fresh low over the last several sessions. Still it is too early to fight the downward GBP trend and bearish technicals."



GBP/USD Levels



Current price is 1.6855, with resistance ahead at 1.6856 (Hourly 100 SMA), 1.6865 (Daily 100 SMA) 1.6874 (Daily Classic PP) and 1.6895. Next support to the downside can be found at 1.6829 (Daily Classic S2), 1.6800, 1.6770 and 1.6730.



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