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. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  4. GBP/USD Daily Outlook - September 19
    Investing

    GBP/USD Daily Outlook - September 19

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center