GBP/USD held up ahead of 1.69 handle

By FXstreet.com | Updated July 31, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6886, down -0.16% on the day, having posted a daily high at 1.6928 and low at 1.6857.



GBP/USD has attempted ground back towards the 1.69 handle and the Market Strategy Team at UOB Group explained that the overnight low of 1.6890 exceeded their target of 1.6920. The lack of a bounce suggests that the downward pressure is still on the downside. "The next support is at 1.6845. The key resistant for our bearish view has moved lower to 1.6990." Looking to a daily chart, we see that RSI is neutral at 33.38. The 200 SMA is currently at 1.6919, down from 1.6995 at the last period close, and declining on the hourly GBP/USD chart.



GBP/USD Levels



Current price is 1.6886, with resistance ahead at 1.6889 (Yesterday's Low), 1.6895 (Hourly 20 EMA), 1.6913 (Weekly Low) and 1.6914 (Daily Open). Next support to the downside can be found at 1.6883 (Daily Classic S1), 1.6872 (Weekly Classic S2), 1.6856 (Daily 100 SMA) and 1.6852 (Daily Classic S2).



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