GBP/USD suffering further blows to the downside

By FXstreet.com | August 21, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6578, down -0.01% on the day, having posted a daily high at 1.6584 and low at 1.6577.



GBP/USD has suffered further blows on a poor set of Retail Sales and Public Finances numbers that came in disappointing for the economy. Valeria Bednarik, chief analyst at FXStreet explained that the short term technical picture is quite neutral, with the hourly chart showing price barely moving around a flat 20 SMA and indicators horizontal en neutral territory. “In the 4 hours chart RSI stands steady at 33 while momentum aims higher still below its midline, and 20 SMA heads south above current price, offering dynamic resistance around 1.6630 now. For the most the downside is favored, with key support now at 1.6545, April this year monthly low”.



GBP/USD resistance and support levels



Support levels: 1.6545 1.6510 1.6470



Resistance levels: 1.6630 16680 1.6710



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