GBP/USD subdued trading in a tight range - FXStreet

By FXstreet.com | Updated August 12, 2014 AAA

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.



Key quotes



"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. "



You May Also Like

Related Forex Analysis
  1. GBP/USD keeps highs near 1.5740
    Forex News

    GBP/USD keeps highs near 1.5740

  2. GBP/USD pressuring the top of the range – FXStreet
    Forex News

    GBP/USD pressuring the top of the range – FXStreet

  3. GBP/USD wobbling around 1.5700
    Forex News

    GBP/USD wobbling around 1.5700

  4. GDP in focus for GBP – BTMU
    Forex News

    GDP in focus for GBP – BTMU

  5. GBP/USD Doji On The Daily Denotes Indecision As Range Endures
    Forex News

    GBP/USD Doji On The Daily Denotes Indecision As Range Endures

Trading Center