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).



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