GBP/USD remains with a bearish bias towards 1.6654

By FXstreet.com | Updated August 11, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6783, up 0.06% on the day, having posted a daily high at 1.6797 and low at 1.6770.



With a quiet start to the week, GBP/USD remains with a bearish bias and trades sub the 1.68 handle still. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that "Technicals warn of downside risk and a test down to 1.6654, the 200‐day MA. At 29, the RSI is not warning of oversold levels and instead suggest there is room for further downside. Support lies at 1.6693, the May low, followed by 1.6654, the 200‐day moving average; resistance comes in at Friday’s open of 1.6833 followed by the 100‐day MA at 1.6877."



GBP/USD Levels



Spot is presently trading at 1.6783, and next resistance can be seen at 1.6787 (Hourly 20 EMA), 1.6792 (Daily Classic PP), 1.6810 (Weekly Classic PP) and 1.6817 (Daily Classic R1). Support below can be found at 1.6780 (Daily Open),



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