GBP/USD taking on 1.68 but still bearish

By FXstreet.com | Updated August 12, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6812, up 0.15% on the day, having posted a daily high at 1.6817 and low at 1.6757.



Despite the progression today back onto the 1.68 handle, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank evaluated that the GBP/USD short‐term technical are indeed bearish. “Support lies at the 200‐day MA at 1.6658 and resistance lies at the 100‐day of 1.6880. The longer‐term technical GBP outlook is turning increasingly bearish, with the currency having broken several levels of support, including its year‐long upward trend line."



GBP/USD Levels



Spot is presently trading at 1.6812, and next resistance can be seen at 1.6817 (Daily High), 1.6826 (Daily Classic R3), 1.6835 (Hourly 200 SMA), 1.6853 (Weekly Classic R1) and 1.6877 (Daily 100 SMA). Support below can be found at 1.6810 (Weekly Classic PP), 1.6808 (Hourly 100 SMA), 1.6799 (Daily Classic R1) and 1.6797 (Yesterday's High).



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD Rally Rejected at Trendline
    Forex News

    GBP/USD Rally Rejected at Trendline

  2. US Dollar Forecast to Rally Further, but Why Have Risks Grown?
    Forex News

    US Dollar Forecast to Rally Further, but Why Have Risks Grown?

  3. British Pound Likely to Test Critical Lows
    Forex News

    British Pound Likely to Test Critical Lows

  4. Japanese Yen Remains a sell versus GBP
    Forex News

    Japanese Yen Remains a sell versus GBP

  5. GBP/USD regains 1.6000 as dollar recedes
    Forex News

    GBP/USD regains 1.6000 as dollar recedes

Trading Center