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30 Jul 2014
GBP/USD ends Wednesday above 1.6900
FXStreet (Córdoba) - The GBP/USD fell on Wednesday for the second day in a row but managed to end above 1.6900. During the day bottomed at 1.6888, the lowest price since June 12 but then bounced after FED’s decision.
The US dollar rose in ten out of the last eleven days against the Pound and continues to move with an upside bias. The recovery from the lows after the FOMC statement found resistance at 1.6925/30.
GBP/USD short term technical outlook
“The hourly chart shows price below a daily ascendant trend line coming from October last year currently around 1.6950 and immediate resistance level, while indicators correct oversold readings, but price remains contained below a bearish 20 SMA”, say ">Valeria Bednarik, Chief Analyst at FXStreet.
In the 4-hour chart the pair maintains a strong bearish tone according to Bednarik, “that should keep the upside limited, with a break below 1.6890 suggesting further slides in Pound”.
The US dollar rose in ten out of the last eleven days against the Pound and continues to move with an upside bias. The recovery from the lows after the FOMC statement found resistance at 1.6925/30.
GBP/USD short term technical outlook
“The hourly chart shows price below a daily ascendant trend line coming from October last year currently around 1.6950 and immediate resistance level, while indicators correct oversold readings, but price remains contained below a bearish 20 SMA”, say ">Valeria Bednarik, Chief Analyst at FXStreet.
In the 4-hour chart the pair maintains a strong bearish tone according to Bednarik, “that should keep the upside limited, with a break below 1.6890 suggesting further slides in Pound”.