FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD tested 1.7000 early US session, but also traded in a tight limited range for most of the day which left the hourly chart with little clues on upcoming direction.
“Indicators in the mentioned time frame turned slightly lower but stand above their midlines, while price hovers around a flat 20 SMA”.
“In the 4 hours chart 20 SMA contained the upside, offering dynamic resistance around mentioned daily high, while indicators hold below their midlines, still keeping the pressure to the downside”.
“Nevertheless, a break below 1.6950 is required to confirm a new leg down towards the 1.6900/10 price zone”.
“Support levels: 1.6950 1.6920 1.6870”.
“Resistance levels: 1.7010 1.7055 1.7095”.