GBP/USD sustained uptrend in place

By FXstreet.com | June 06, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6805, down -0.08% on the day, having posted a daily high at 1.6848 and low at 1.6781.

GBP/USD is sidelined around the 1.68 handle into the closing hours of this weeks session. In respect to the forthcoming week, Tim Riddell, Head of Global Markets Research at ANZ said the strong and sustained uptrend is still in place, but the growing risk that a cyclical top is forming on the push to retest the post-crisis highs in the 1.7000-60 area is gaining force. “The divergence in weekly momentum is now seen as a clear signal that GBP is poised for a series of corrective pullbacks, with RSIs looking particularly negative for GBP, despite some latent potential for a spike towards 1.7330. Any further slippage now below 1.6660 should force a test of 1.6475-00 within potential for retracements towards 1.6000-50. A rebound above 1.6865 is needed to reduce the rising risk of retracements”.

GBP/USD Levels

With spot trading at 1.6807, we can see next resistance ahead at 1.6820 (Weekly High), 1.6821 (Daily Open), 1.6827 (Yesterday's High), 1.6848 (Daily High) and 1.6857 (Daily Classic R1). Support below can be found at 1.6801 (Hourly 20 EMA), 1.6793 (Daily 20 SMA), 1.6789 (Daily Classic PP), 1.6781 (Daily Low) and 1.6777 (Weekly Classic PP).

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