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

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD recovers losses ahead of European session

  2. Forex News

    GBP/USD Technical Analysis: Support Below 1.55 in Focus

  3. Forex News

    Video: AUDUSD, GBPUSD and USDJPY Better Trade Options Than EURUSD

  4. Forex News

    BoE Policy Meeting Preview - Rabobank

  5. Forex News

    GBP/USD sinks to 1.5570

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!