27 May 2014
GBP/USD rises back above 1.6800
FXStreet (Córdoba) - The GBP/USD trimmed losses during the second half of the American session and recovered ground after bottoming at 1.6781, the lowest price since May 15. Cable rose to 1.6812 and managed to finished barely above 1.6800, with a 0.22% loss.
The US dollar weakened across the board in the last hours but ended with gains, particularly versus European currencies. The GBP/USD has fallen below the price it opened on Monday and it has approached last week lows.
GBP/USD technical outlook
“The hourly chart shows indicators aiming higher from oversold levels, but price unable to extend beyond 1.6810 immediate resistance, while 20 SMA presents a strong bearish slope right above current price”, says Valeria Bednarik, Chief Analyst at FXStreet.
In the 4 hours chart, Bednarik notes that indicators maintain a strong bearish tone that supports a downward continuation. “If 1.6770 support gives up, eyeing as first bearish target the 1.6730 level, mid May daily low”.
The US dollar weakened across the board in the last hours but ended with gains, particularly versus European currencies. The GBP/USD has fallen below the price it opened on Monday and it has approached last week lows.
GBP/USD technical outlook
“The hourly chart shows indicators aiming higher from oversold levels, but price unable to extend beyond 1.6810 immediate resistance, while 20 SMA presents a strong bearish slope right above current price”, says Valeria Bednarik, Chief Analyst at FXStreet.
In the 4 hours chart, Bednarik notes that indicators maintain a strong bearish tone that supports a downward continuation. “If 1.6770 support gives up, eyeing as first bearish target the 1.6730 level, mid May daily low”.