4 Mar 2014
GBP/USD struggling around 1.6700
FXStreet (Córdoba) - The GBP/USD recovered some of the lost ground yesterday helped by better market's sentiment amid easing tensions in Ukraine.
The GBP/USD however was weighed by disappointing UK construction PMI and dropped all the way back to opening levels around 1.6665 before the slide was contained. At time of writing, the GBP/USD is trading the 1.6690 area, 0.2% above its opening price, with immediate resistance at 1.6716 daily high.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet noted that the technical picture still pretty neutral according to the 4 hours chart. "The pair has been trading in a 150 pips range ever since mid-February, capped below key 1.6745 static resistance level… only a clear sign the level has been taken will favor an upward rally towards this year high around 1.6820, while dips down to 1.6600, 38.2% retracement of its latest daily bullish run, should continue to attract buyers".
The GBP/USD however was weighed by disappointing UK construction PMI and dropped all the way back to opening levels around 1.6665 before the slide was contained. At time of writing, the GBP/USD is trading the 1.6690 area, 0.2% above its opening price, with immediate resistance at 1.6716 daily high.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet noted that the technical picture still pretty neutral according to the 4 hours chart. "The pair has been trading in a 150 pips range ever since mid-February, capped below key 1.6745 static resistance level… only a clear sign the level has been taken will favor an upward rally towards this year high around 1.6820, while dips down to 1.6600, 38.2% retracement of its latest daily bullish run, should continue to attract buyers".