GBP/USD under pressure after another round of negative data - FXStreet

By FXstreet.com | August 06, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the GBP/USD remains under pressure on Wednesday following the release of disappointing UK Industrial Output numbers.



Key quotes



"The hourly chart however, shows indicators bouncing from oversold levels still in negative territory, while 20 SMA presents a mild bearish slope above current price."



"In the 4 hours chart indicators stand flat in neutral territory, while price stands right below an also flat 20 SMA, giving little clues on upcoming direction."



"For the most, the pair maintains a heavy tone, albeit some follow through below 1.6802 recent low is required to confirm a new leg down in the pair."



comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center