20 Jun 2014
GBP/USD continues to pressure the highs - FXStreet
As FXStreet Chief Analyst Valeria Bednarik observes, the pound has shown no progress over the past couple sessions, consolidating its gains against the greenback within 1.7030 and 1.7060.
Key quotes
"Dollar is still weak across the board, albeit correcting some against most rivals: nevertheless the GBP/USD shows little aims to follow its counterparts, and continues to pressure the highs."
"Technically, the 4 hours chart shows indicators holding the bullish tone seen on previous updates, with price steady above a bullish 20 SMA currently around 1.7000 acting as intraday support."
"The upside continues to be favored with a price acceleration through recent highs favoring an approach to the 1.7100 figure in the short term. A weekly close above the 1.7000 level, opens doors for a continued advance towards 1.7250 next week, strong static resistance area."
"1.7040 former resistance is now immediate support, followed by 1.7000, where buyers will likely surge and halt any attempt of fall further."
Key quotes
"Dollar is still weak across the board, albeit correcting some against most rivals: nevertheless the GBP/USD shows little aims to follow its counterparts, and continues to pressure the highs."
"Technically, the 4 hours chart shows indicators holding the bullish tone seen on previous updates, with price steady above a bullish 20 SMA currently around 1.7000 acting as intraday support."
"The upside continues to be favored with a price acceleration through recent highs favoring an approach to the 1.7100 figure in the short term. A weekly close above the 1.7000 level, opens doors for a continued advance towards 1.7250 next week, strong static resistance area."
"1.7040 former resistance is now immediate support, followed by 1.7000, where buyers will likely surge and halt any attempt of fall further."