Pound testing the 1.7040 resistance area - FXStreet

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the pound advances slowly but steadily against the greenback, testing the 1.7040 resistance area and despite the fact that UK data missed expectations.



Key quotes



"Technically, the strong upward momentum seen in the hourly chart suggest the pair will have little trouble to overcome current static resistance area, as momentum heads higher in positive territory, and 20 SMA heads north below current price."



"In the 4 hours chart the technical picture is also supportive of a bullish continuation, with some follow trough around current levels pointing for an extension up to 1.7080/90 price zone."



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