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29 Jul 2014
GBP/USD leaving us little clues above 1.6950 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD tested 1.7000 early US session, but also traded in a tight limited range for most of the day which left the hourly chart with little clues on upcoming direction.
Key Quotes:
“Indicators in the mentioned time frame turned slightly lower but stand above their midlines, while price hovers around a flat 20 SMA”.
“In the 4 hours chart 20 SMA contained the upside, offering dynamic resistance around mentioned daily high, while indicators hold below their midlines, still keeping the pressure to the downside”.
“Nevertheless, a break below 1.6950 is required to confirm a new leg down towards the 1.6900/10 price zone”.
“Support levels: 1.6950 1.6920 1.6870”.
“Resistance levels: 1.7010 1.7055 1.7095”.
Key Quotes:
“Indicators in the mentioned time frame turned slightly lower but stand above their midlines, while price hovers around a flat 20 SMA”.
“In the 4 hours chart 20 SMA contained the upside, offering dynamic resistance around mentioned daily high, while indicators hold below their midlines, still keeping the pressure to the downside”.
“Nevertheless, a break below 1.6950 is required to confirm a new leg down towards the 1.6900/10 price zone”.
“Support levels: 1.6950 1.6920 1.6870”.
“Resistance levels: 1.7010 1.7055 1.7095”.