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31 Jul 2014
GBP/USD holding onto the 1.69 handle
FXStreet (Guatemala) - GBP/USD is trading at 1.6908, down -0.03% on the day, having posted a daily high at 1.6917 and low at 1.6905.
Despite a poorer Gfk consumer sentiment number from the UK,-2 vs 2 consensus, Sterling remains buoyant on the 1.69 handle in an environment where the GBP/USD has been continuing to correct lower. Val Bednarik, Chief analyst at FXStreet explained that the hourly chart shows price below a daily ascendant trend line coming from October last year currently around 1.6950 and immediate resistance level, while indicators correct oversold readings, but price remains contained below a bearish 20 SMA. “In the 4 hours chart the pair maintains a strong bearish tone that should keep the upside limited, with a break below 1.6890 suggesting further slides in Pound”.
GBP/USD Levels
Spot is presently trading at 1.6909, and next resistance can be seen at 1.6913 1.6914 (Daily Open), 1.6919 (Daily Classic S1), 1.6950, 1.7000 and 1.7045. Support below can be found at 1.6905 (Daily Low), 1.6894 (Daily Classic S2), 1.6890, 1.6872 (Weekly Classic S2), 1.6856 (Daily Classic S3) and 1.6815.
Despite a poorer Gfk consumer sentiment number from the UK,-2 vs 2 consensus, Sterling remains buoyant on the 1.69 handle in an environment where the GBP/USD has been continuing to correct lower. Val Bednarik, Chief analyst at FXStreet explained that the hourly chart shows price below a daily ascendant trend line coming from October last year currently around 1.6950 and immediate resistance level, while indicators correct oversold readings, but price remains contained below a bearish 20 SMA. “In the 4 hours chart the pair maintains a strong bearish tone that should keep the upside limited, with a break below 1.6890 suggesting further slides in Pound”.
GBP/USD Levels
Spot is presently trading at 1.6909, and next resistance can be seen at 1.6913 1.6914 (Daily Open), 1.6919 (Daily Classic S1), 1.6950, 1.7000 and 1.7045. Support below can be found at 1.6905 (Daily Low), 1.6894 (Daily Classic S2), 1.6890, 1.6872 (Weekly Classic S2), 1.6856 (Daily Classic S3) and 1.6815.