FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik stresses that the GBP/USD has been trading in a tight range since the beggining of the European session, failing to react more strongly even to the decent UK Q2 GDP reading.

Key quotes

"Technically, the GBP/USD maintains its bearish bias, as per trading near the 4 months low posted earlier this week, albeit the 4 hours chart shows indicators exhausted in oversold levels and RSI attempting an upward correction."



"In the same time frame, 20 SMA presents a strong bearish slope, offering dynamic resistance around 1.6730, and as long as below upward movements will remain as corrective."



"An unlikely break above it may see the pair extending to the 1.6760/70 price zone, but the downside remains favored: below 1.6650, the pair will likely accelerate its slide, eyeing 1.6590/1.6610 price zone."



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