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1 Aug 2014
GBP/USD bearish tone intact
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD fell as low as 1.6856 before bouncing overnight, still confined below the 1.6900 figure.
Key Quotes:
“With the hourly chart showing the bearish tone remains intact: 20 SMA caps the upside a few pips above current price, while indicators head south in negative territory. In the 4 hours chart indicators attempt shy bounces from oversold territory, still quite weak and far from suggesting a recovery, while 20 SMA extended its decline and stands in the 1.6950 area acting as dynamic resistance”.
“Support levels: 1.6850 1.6815 1.6770”.
“Resistance levels: 1.6880 1.6920 1.6950”.
Key Quotes:
“With the hourly chart showing the bearish tone remains intact: 20 SMA caps the upside a few pips above current price, while indicators head south in negative territory. In the 4 hours chart indicators attempt shy bounces from oversold territory, still quite weak and far from suggesting a recovery, while 20 SMA extended its decline and stands in the 1.6950 area acting as dynamic resistance”.
“Support levels: 1.6850 1.6815 1.6770”.
“Resistance levels: 1.6880 1.6920 1.6950”.