29 Jul 2013
GBP/USD capped below big 1.54 figure
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last quoted at 1.5391, off recent session highs at 1.5404, little changed since previous weekly close Friday, ahead of UK net lending to individuals data at 08:30 GMT,and UK CBI realizable sales at 10:00 GMT.
GBP/USD upward continuation supported
“Despite the slightly negative tone seem in the hourly chart, with price below 20 SMA and indicators below their midlines, the movement seems barely corrective and far from suggesting a reversal,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart price develops above a flat 20 SMA that offers dynamic support around 1.5360, while indicators head north right above their midlines, which supports an upward continuation, as bearish corrections stand above the 1.53 level.”
GBP/USD key technical levels
Bednarik sees support levels at: 1.5360, 1.5320 and 1.5290, while resistance levels at: 1.5410, 1.5445 and 1.5480.
GBP/USD upward continuation supported
“Despite the slightly negative tone seem in the hourly chart, with price below 20 SMA and indicators below their midlines, the movement seems barely corrective and far from suggesting a reversal,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart price develops above a flat 20 SMA that offers dynamic support around 1.5360, while indicators head north right above their midlines, which supports an upward continuation, as bearish corrections stand above the 1.53 level.”
GBP/USD key technical levels
Bednarik sees support levels at: 1.5360, 1.5320 and 1.5290, while resistance levels at: 1.5410, 1.5445 and 1.5480.