9 Apr 2014
GBP/USD: downside contained
FXStreet (Córdoba) - The GBP/USD upside momentum seen yesterday has faded giving room to consolidative movements ahead of the release of the FOMC minutes.
The GBP/USD saw a quick dip to a fresh daily low of 1.6724 despite upbeat UK trade data. However, the pair quickly bounced back, erasing almost completely intraday losses. Currently, the Cable is trading at 1.6739, down 0.03% on the day, having posted a daily high at 1.6756 and low at 1.6724.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that as long as GBP/USD holds above 1.6720 (broken descendant trend-line), the upside will remain favored "with a break of the weekly high at 1.6754, supporting an approach to the 1.6821 yearly high".
The GBP/USD saw a quick dip to a fresh daily low of 1.6724 despite upbeat UK trade data. However, the pair quickly bounced back, erasing almost completely intraday losses. Currently, the Cable is trading at 1.6739, down 0.03% on the day, having posted a daily high at 1.6756 and low at 1.6724.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that as long as GBP/USD holds above 1.6720 (broken descendant trend-line), the upside will remain favored "with a break of the weekly high at 1.6754, supporting an approach to the 1.6821 yearly high".