GBP/USD holds above 1.7100

By FXstreet.com | July 10, 2014 AAA

FXStreet (Córdoba) - The GBP/USD finished Thursday slightly lower and moved away from 1.7200 but it was able to hold above 1.7100. The pair peaked at 1.7166 (3-day high) but then reversed and fell, bottoming on European hours at 1.7104.



During the American session the US dollar lost strength and the GBP/USD trimmed losses. The recovery was capped around the 1.7140 and finished at 1.7135.



GBP/USD technical outlook



“The hourly chart shows buyers surged on approaches to the 1.7100 level, with indicators heading north still below their midlines as price stands now above its 20 SMA”, says Valeria Bednarik, Chief Analyst at FXStreet.



Bednarik notes that the 4-hour chart shows minor bullish technical signals “but for the most neutral as per latest range.”



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