GBP/USD hits fresh highs but loses momentum

By FXstreet.com | August 28, 2014 AAA

FXStreet (Córdoba) - The GBP/USD made another attempt to consolidate above the 1.6600 mark and even though it was unsuccessful, the Cable managed to print a higher high.



The GBP/USD rose briefly above the 10-day SMA and printed a fresh 1-week high of 1.6612, but buyers lacked determination to keep the pair at highs. At time of writing, the pound is trading at 1.6595, 0.13% above its opening price, as market focus turns to the US GDP revision later on the day.



GBP/USD perspective



“The intraday bias is positive and there is a clear reversal formation at 1.6534 low, so I favor a break through 1.6600 static resistance, en route to 1.6660 hurdle”, said Stoyan Mihaylov, analyst at DeltaStock.



GBP/USD levels to watch



A decisive break above 1.6600/10 would pave the way to 1.6670 (Aug 20 high) and 1.6685 (200-day SMA). On the flip side, supports are seen at 1.6535 (Aug 27 low), 1.6509 (Mar 26 low) and 1.6500 (psychological level).



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