GBP/USD holding above the 1.7000 level - FXStreet

By | Updated July 30, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the pound rose to test 1.7040 against the dollar on Thursday, with little behind the movement but buying interest.

Key quotes

"The pair however stalled around the strong static resistance level and retraces some with US opening, holding anyway above the 1.7000 figure."

"The hourly chart shows indicators turning lower above their midlines while price holds above a bullish 20 SMA around the mentioned figure."

"In the 4 hours chart indicators hover around their midlines while price stands above a bearish 20 SMA, a picture that lacks upward strength: an advance beyond 1.7061 this year high is what it takes to confirm further gains, eyeing then the 1.7100 price zone."

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