GBP/USD trades in a tight range - FXStreet

By FXstreet.com | July 07, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the GBP/USD is trading in a tight range between 1.7130 and the year high at 1.7179, with a mild bearish tone in the short term that anyway will hardly affect the dominant bullish trend.



Key quotes



"1.7130 so far holds to the downside, but the 4 hours chart shows price below a flat 20 SMA actually offering immediate resistance at 1.7150, while indicators turned flat around their midlines, after correcting overbought readings from last week."



"A downward acceleration below mentioned level may see the pair extending its decline down to 1.7095, post NFP low while next support comes around 1.7060, 23.6% retracement of the latest bullish run and former daily high."



"An acceleration above 1.7180 on the other hand, should trigger some stops and fuel the advance eyeing 1.7220 in the short term, followed later by critical midterm resistance of 1.7250."



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