FXStreet (Córdoba) - The GBP/USD has been one of the main movers in a quiet September kick-off, as investors await key events later this week and with the US out for the Labor Day.



The GBP/USD picked up momentum and managed to break above the 1.6610 resistance area, climbing to a high of 1.6643 before finding resistance. However with the subsequent dip contained by the former resistance area at 1.6610, the Cable was confined to a sideways phase. At time of writing, the GBP/USD is trading at 1.6620, up 0.16% on the day.



GBP/USD technical outlook



“The hourly chart presents a technical bullish stance, with indicators heading north above their midlines, and 20 SMA gaining upward slope below current price”, said Valeria Bednarik, chief analyst at FXStreet. “The 4 hours chart shows also a positive technical tone, yet some steady gains above mentioned 1.6630 level are required to confirm further advances, eyeing then a test of the 1.6670 price zone”.



Bednarik locates next support levels at 1.6600, 1.6570 and 1.6540, while she sees resistances at 1.6630, 1.6665 and 1.6700.



Related Articles
  1. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  2. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  3. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  4. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  5. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  6. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  7. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  8. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  9. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  10. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!