GBP/USD’s upside drift within the bear trend

By FXstreet.com | July 29, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6992, up 0.10% on the day, having posted a daily high at 1.7003 and low at 1.6973.



A number of the less committed bulls have dropped out of the pound but the hourly chart, according to Valeria Bednarik, chief analyst at FXStreet, shows indicators correcting higher from oversold levels, while 20 SMA maintains a strong bearish slope above current price. “In the 4 hours chart technical indicators also aim higher in negative territory, supporting some limited upward corrective movement that can extend up to 1.7000 without really affecting the dominant bearish tone”.



GBP/USD Levels



With spot trading at 1.6993, we can see next resistance ahead at 1.7003 (Daily High) and 1.7015 (Hourly 100 SMA). Support below can be found at 1.6985 (Hourly 20 EMA) and 1.6978 (Daily Classic PP), 1.6920, 1.6870 and 1.6825.



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