21 Mar 2014
GBP/USD clings to 1.6500, remains vulnerable
FXStreet (Córdoba) - The GBP/USD remains vulnerable trading near 1-month lows and unable to detach from the 1.6500 psychological level.
The GBP/USD fell further during the European session and printed a low of 1.6475 and has spent the last hours consolidating in a slim range just above that level, unable to gather momentum either side of the board. At time of writing, the Cable is trading at the 1.6500 zone, virtually unchanged on the day with little ahead in the US calendar to inspire the pair.
GBP/USD technical outlook
"The GBP/USD maintains a pretty negative tone barely holding above key 1.6470 level, daily low and 61.8% retracement of its latest bullish run", said Valeria Bednarik, chief analyst at FXStreet. "The hourly chart shows indicators heading lower below their midlines, and price still capped below its 20 SMA, supporting further short term falls. In the 4 hours chart the technical picture is also bearish, with some price acceleration below 1.6470 leading to a test of 1.6420 price zone".
The GBP/USD fell further during the European session and printed a low of 1.6475 and has spent the last hours consolidating in a slim range just above that level, unable to gather momentum either side of the board. At time of writing, the Cable is trading at the 1.6500 zone, virtually unchanged on the day with little ahead in the US calendar to inspire the pair.
GBP/USD technical outlook
"The GBP/USD maintains a pretty negative tone barely holding above key 1.6470 level, daily low and 61.8% retracement of its latest bullish run", said Valeria Bednarik, chief analyst at FXStreet. "The hourly chart shows indicators heading lower below their midlines, and price still capped below its 20 SMA, supporting further short term falls. In the 4 hours chart the technical picture is also bearish, with some price acceleration below 1.6470 leading to a test of 1.6420 price zone".