GBP/USD held up ahead of 1.69 handle

By FXstreet.com | 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).



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center