3 Jan 2014
GBP/USD bounces from below 1.6400
FXstreet.com (Córdoba) - The GBP/USD bounced from below 1.6400 after hitting a fresh 1-week low at the beginning of the New York session.
The greenback strengthened against its European peers, dragging the GBP/USD to a low of 1.6394 in recent dealings. However, the Cable managed to bounce from lows and climbed back to the 1.6435 zone, where it is currently trading, still 0.1% below its opening price.
GBP/USD technical perspective
"The hourly chart shows price moving away below a bearish 20 SMA as indicators gain bearish slope, entering negative territory. In the 4 hours chart price develops well below a bearish 20 SMA while indicators head south below their midlines, also supporting a downward continuation", says Valeria Bednarik, chief analyst at FXstreet.com. "Immediate support stands at 1.6370, and a break below should signal a deeper slide for the first half of next week".
Bednarik locates immediate supports at 1.6405, 1.6370 and 1.6330, while she places resistances at 1.6450, 1.6490 and 1.6525.
The greenback strengthened against its European peers, dragging the GBP/USD to a low of 1.6394 in recent dealings. However, the Cable managed to bounce from lows and climbed back to the 1.6435 zone, where it is currently trading, still 0.1% below its opening price.
GBP/USD technical perspective
"The hourly chart shows price moving away below a bearish 20 SMA as indicators gain bearish slope, entering negative territory. In the 4 hours chart price develops well below a bearish 20 SMA while indicators head south below their midlines, also supporting a downward continuation", says Valeria Bednarik, chief analyst at FXstreet.com. "Immediate support stands at 1.6370, and a break below should signal a deeper slide for the first half of next week".
Bednarik locates immediate supports at 1.6405, 1.6370 and 1.6330, while she places resistances at 1.6450, 1.6490 and 1.6525.