20 Jun 2014
GBP/USD taking profits on the close for the week
FXStreet (Guatemala) - GBP/USD is trading at 1.7020, down -0.11% on the day, having posted a daily high at 1.7062 and low at 1.7016.
GBP/USD is pressured lower while the pair has reached major resistance at 1.7041/51 2009 high, 2005 low. Karen Jones, chief analyst at Commerzbank said they would allow for some profit taking to be seen here. “We note the 13 count on the daily chart and the TD resistance at 1.7062 both suggest that we should allow for initial failure here. Currently the Elliott wave count is suggesting a retracement to 1.6955/30, while above here we would allow for another stab at the 1.7040/65 resistance”.
GBP/USD Levels
Current price is 1.7020, with resistance ahead at 1.7027 (Daily Classic PP), 1.7039 (Hourly 20 EMA), 1.7040 (Daily Open), 1.7040 (Monthly High) and 1.7040 (Weekly High). Next support to the downside can be found at 1.7016 (Daily Low), 1.6992 (Hourly 100 SMA), 1.6989 (Daily Classic S1), 1.6976 (Yesterday's Low) and 1.6963 (Weekly Low).
GBP/USD is pressured lower while the pair has reached major resistance at 1.7041/51 2009 high, 2005 low. Karen Jones, chief analyst at Commerzbank said they would allow for some profit taking to be seen here. “We note the 13 count on the daily chart and the TD resistance at 1.7062 both suggest that we should allow for initial failure here. Currently the Elliott wave count is suggesting a retracement to 1.6955/30, while above here we would allow for another stab at the 1.7040/65 resistance”.
GBP/USD Levels
Current price is 1.7020, with resistance ahead at 1.7027 (Daily Classic PP), 1.7039 (Hourly 20 EMA), 1.7040 (Daily Open), 1.7040 (Monthly High) and 1.7040 (Weekly High). Next support to the downside can be found at 1.7016 (Daily Low), 1.6992 (Hourly 100 SMA), 1.6989 (Daily Classic S1), 1.6976 (Yesterday's Low) and 1.6963 (Weekly Low).