FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted how the pound faltered yet again at 1.6600 against the greenback.
“GBP/USD…maintaining however a mild positive tone in the short term, as per the hourly chart shows 20 SMA aiming higher below current price and indicators directionless in positive territory”.
“The level has attracted sellers several times over this week, so stops above it should be accumulating daily basis: a price acceleration through the level may finally trigger them and see a continuation rally up to 1.6650/60 price zone, where a daily descendant trend line coming from this year high your contain the pair ahead of next week data”.
“As for bigger time frames, the technical picture remains quite neutral, as per the pair ranging in less than 100 pips for already a week”.
“Having posted a daily low of 1.6538, a price acceleration through the level should deny the possibility of an upward correction an favor a leg lower which will probably target 1.6250 in the midterm”.