22 Jul 2014
GBP/USD grinding lower contained by descending resistance
FXStreet (Guatemala) - GBP/USD is trading at 1.7072, down -0.02% on the day, having posted a daily high at 1.7079 and low at 1.7070.
GBP/USD remains contain by the descending resistance and Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart a mild bearish tone is present, but said the downward pressure seems limited and moreover corrective, as a top at the multi year high of 1.7190 from this week is far from confirmed. ‘In fact, 1.7060 stands for the 23.6% retracement of the latest bullish run, meaning the correction is quite limited. A break below this last may see the pair approaching 1.7000 area, and even then, risk of a reversal will remain limited, with only a daily close below 1.6985 increasing such risk. To the upside, 1.7150 is the critical resistance to watch as if above, the bullish trend will likely resume”.
GBP/USD Levels
With spot trading at 1.7073, we can see next resistance ahead at 1.7079 (Daily High) and 1.7080 (Daily Classic PP). Support below can be found at 1.7070 (Daily Low), 1.7056 (Yesterday's Low), 1.7042 (Daily Classic S1), 1.7017 (Weekly Classic S1) and 1.6998 (Daily Classic S2).
GBP/USD remains contain by the descending resistance and Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart a mild bearish tone is present, but said the downward pressure seems limited and moreover corrective, as a top at the multi year high of 1.7190 from this week is far from confirmed. ‘In fact, 1.7060 stands for the 23.6% retracement of the latest bullish run, meaning the correction is quite limited. A break below this last may see the pair approaching 1.7000 area, and even then, risk of a reversal will remain limited, with only a daily close below 1.6985 increasing such risk. To the upside, 1.7150 is the critical resistance to watch as if above, the bullish trend will likely resume”.
GBP/USD Levels
With spot trading at 1.7073, we can see next resistance ahead at 1.7079 (Daily High) and 1.7080 (Daily Classic PP). Support below can be found at 1.7070 (Daily Low), 1.7056 (Yesterday's Low), 1.7042 (Daily Classic S1), 1.7017 (Weekly Classic S1) and 1.6998 (Daily Classic S2).