GBP/USD range reducing with a bearish bias

By FXstreet.com | July 16, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7128, down -0.09% on the day, having posted a daily high at 1.7153 and low at 1.7113.



GBP/USD has shied away from the multi year highs and has been restricted to a 40 pip range that is reducing while the near term trend and hourly indicators are coming with a bearish bias ahead of the Feds Beige Book. We heard earlier from Yellen that, overall, she is optimistic on the outlook for the economy with growth improving sufficiently for an uptick in the labour market.



GBP/USD Levels



Current price is 1.7127, with resistance ahead at 1.7129 (Hourly 200 SMA), 1.7131 (Daily Classic PP), 1.7134 (Hourly 20 EMA), 1.7143 (Daily Open) and 1.7153 (Daily High). Next support to the downside can be found at 1.7123 (Weekly Classic PP), 1.7120 (Hourly 100 SMA), 1.7113 (Daily Low), 1.7083 (Weekly Low) and 1.7075 (Weekly Classic S1).



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