23 May 2014
GBP/USD steadies as UK heads into a long weekend
FXStreet (Córdoba) - The GBP/USD entered a consolidation phase during the New York session and has spent the last hours trading within a narrow range.
The GBP/USD dropped roughly half a cent and pulled back toward the 1.6825 area after failing to overcome 1.6875 during the European trade. No UK data was released today and with new home sales as the highlight of the US calendar until Tuesday, the Cable has been left searching for catalysts ahead of the long weekends in UK and US.
At time of writing, the GBP/USD is trading at the 1.6840 area, 0.16% below its opening price, but still on track to close the week higher after receiving strong boost on the back of much better than expected UK retail sales Wednesday.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that the technical picture is bearish according to short-term charts. “Below 1.6770 the pair has a pretty clear path down to 1.6730 past week low, but further losses are not yet likely”.
Bednarik locates next support levels at 1.6810, 1.6770 and 1.6730, while she sees resistances at 1.6885, 1.6920 and 1.6960.
The GBP/USD dropped roughly half a cent and pulled back toward the 1.6825 area after failing to overcome 1.6875 during the European trade. No UK data was released today and with new home sales as the highlight of the US calendar until Tuesday, the Cable has been left searching for catalysts ahead of the long weekends in UK and US.
At time of writing, the GBP/USD is trading at the 1.6840 area, 0.16% below its opening price, but still on track to close the week higher after receiving strong boost on the back of much better than expected UK retail sales Wednesday.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that the technical picture is bearish according to short-term charts. “Below 1.6770 the pair has a pretty clear path down to 1.6730 past week low, but further losses are not yet likely”.
Bednarik locates next support levels at 1.6810, 1.6770 and 1.6730, while she sees resistances at 1.6885, 1.6920 and 1.6960.