GBP/USD unable to advance onto 1.66 handle - FXStreet

By FXstreet.com | Updated August 25, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD advanced some on the US day, unable to however to overcome the 1.6600 level, still acting as immediate short term resistance.



Key Quotes:



“The hourly chart shows price managed to recover above its 20 SMA that anyway remains flat a few pips below current price, while indicators turn lower towards their midline, holding for now in positive territory”.



“In the 4 hours chart price stalled right at a bearish 20 SMA, as indicators turn south around their midlines, suggesting there’s little room for a steady recovery. Renewed selling interest below the 1.6540 is required however, to confirm a new leg down, still eyeing 1.6465, March this year monthly low”.



Related Forex Analysis
  1. Forex News

    GBP strength towards 1.5820/25 likely - UOB Group

  2. Forex News

    Strategy Video: When to Go for the Short-Term or Long-Term Trade

  3. Forex News

    GBP/USD bulls stalled at 1.58 so far - FXStreet

  4. Forex News

    GBP/USD Technical Analysis: 1-Month Down Trend Broken

  5. Forex News

    Recap: US Dollar gives up ahead Thanksgiving; pullback or profit taking?

Trading Center