FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that GBP/USD has been trading in a tight range on Tuesday, currently at 1.6777, ahead of the key macro UK releases scheduled for Wednesday.
"Technically, the 4 hours chart shows 20 SMA maintaining a strong bearish slope above current price, offering short term resistance around 1.6800, while indicators are posting shy bounces from oversold levels, supporting some upward correction."
"Nevertheless, they are far from showing some upward momentum, supporting more range trading ahead."
"The overall stance is bearish, with a daily descendant trend line coming from this year high today offering resistance around 1.6840."
"Therefore, a recovery above mentioned 1.6800 may see price extending up to that level, with more gains hardly seen for today."
"A fresh daily low may fuel the downward potential, with 1.6700/20 as probable bearish target for the day. "