9 Apr 2014
GBP/USD reaches fresh 1-month high
FXStreet (Córdoba) - The GBP/USD reversed intraday losses and managed to print a fresh 1-month high at the beginning of the American session as the Cable regains upward momentum.
The GBP/USD broke above yesterday's highs and stretched to a marginal new high of 1.6764. However, the move lacked follow-through sending the Cable back to opening levels. At time of writing, the pair is trading at 1.6750 with immediate resistance area at 1.6785, March high, followed by the 1.6800 mark.
GBP/USD technical perspective
"The hourly chart shows indicators corrected extreme overbought readings and head slightly higher, while price stands above a flat 20 SMA. In the 4 hours chart indicators remain in overbought territory, looking a bit exhausted as 20 SMA maintains a strong bullish slope below current price", said Valeria Bednarik, chief analyst at FXStreet. "As per price behavior, current levels suggest there's still room to the upside towards 1.6821 this year high".
Bednarik locates next resistance levels at 1.6760, 1.6820 and 1.6860. On the other hand, she places support levels at 1.6720, 1.6660 and 1.6620.
The GBP/USD broke above yesterday's highs and stretched to a marginal new high of 1.6764. However, the move lacked follow-through sending the Cable back to opening levels. At time of writing, the pair is trading at 1.6750 with immediate resistance area at 1.6785, March high, followed by the 1.6800 mark.
GBP/USD technical perspective
"The hourly chart shows indicators corrected extreme overbought readings and head slightly higher, while price stands above a flat 20 SMA. In the 4 hours chart indicators remain in overbought territory, looking a bit exhausted as 20 SMA maintains a strong bullish slope below current price", said Valeria Bednarik, chief analyst at FXStreet. "As per price behavior, current levels suggest there's still room to the upside towards 1.6821 this year high".
Bednarik locates next resistance levels at 1.6760, 1.6820 and 1.6860. On the other hand, she places support levels at 1.6720, 1.6660 and 1.6620.