20 Jan 2014
GBP/USD finds resistance at 1.6450
FXstreet.com (Córdoba) - The advance of the pound against the dollar stalled at the 1.6450 area, a few pips shy of Friday's peak, putting the GBP/USD under mild corrective presure.
With the US on holiday, there is little volatility across markets, with the USD a tad softer across the board. The GBP/USD rose to a high of 1.6451 during the European session but lost momentum and pulled back toward the 1.6425 zone, where the 10-hour SMA contained the slide. At time of writing, the Cable is trading around 1.6440, recording a 0.2% gain on Monday.
GBP/USD technical perspective
"Friday's impulsive rise from 1.6308 signals a possible reversal of the whole corrective slide from 1.6602, so the outlook here is already bullish, for a break through 1.6519, en route to 1.6602", said Stoyan Mihaylov, analyst at DeltaStock.com .
With the US on holiday, there is little volatility across markets, with the USD a tad softer across the board. The GBP/USD rose to a high of 1.6451 during the European session but lost momentum and pulled back toward the 1.6425 zone, where the 10-hour SMA contained the slide. At time of writing, the Cable is trading around 1.6440, recording a 0.2% gain on Monday.
GBP/USD technical perspective
"Friday's impulsive rise from 1.6308 signals a possible reversal of the whole corrective slide from 1.6602, so the outlook here is already bullish, for a break through 1.6519, en route to 1.6602", said Stoyan Mihaylov, analyst at DeltaStock.com .