GBP/USD pressure mounting to downside - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, explained that despite a late kneejerk on Friday, the GBP/USD holds its latest range, consolidating above the 1.7100 mark, with buyers surging on dips towards the figure.



Key Quotes:



“The hourly chart shows price below its 20 SMA and indicators heading slightly lower under their midlines, keeping the pressure to the downside”.



“In the 4 hours chart the technical picture is quite similar, with a shy negative tone coming from technical readings, yet only with a break below 1.7060, 23.6% retracement of the latest bullish run, the downside will be favored towards the 1.7000/20 price zone”.



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