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.



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