GBP/USD range bound but comes bearish

By FXstreet.com | Updated August 26, 2014 AAA

FXStreet (Guatemala) - GBP/USD> is trading at 1.6571, down -0.05% on the day, having posted a daily high at 1.6597 and low at 1.6566.



The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that GBP/USD short‐term technical are bearish however they noted that the candlestick pattern is attempting to form a bottom, deserving careful monitoring. “Support lies at yesterday’s low of 1.6501; while resistance lies at the August 13th low of 1.6686." Valeria Bednarik, chief analysts at FXStreet suggested that renewed selling interest below the 1.6540 is required to confirm a new leg down, still eyeing 1.6465, March this year monthly low.



GBP/USD support and resistance levels



Support levels: 1.6540, 1.6501, 1.6490 and 1.6465.



Resistance levels: 1.6600, 1.6630 and 1.6686.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD might find sellers near 1.5185/95 – AceTrader

  2. Forex News

    Dollar Suffers First Two-Day Drop In 7 Weeks Before Fed

  3. Forex News

    Trading Video: Dollar and S&P 500 Look Precarious Before FOMC

  4. Forex News

    Strategy Video: Fed Decision Set to Trigger Dollar, Risk Response

  5. Forex News

    GBP/USDD: 1.5330 on the cards? - FXStreet

Trading Center