25 Jun 2014
GBP/USD capped below 23.6% retracement of its latest bullish run - FXStreet
FXStreet (Łódź) - According to FXStreet Chief Analyst Valeria Bednarik, GBP/USD remained capped below the 23.6% retracement of its latest bullish run from 1.6737 to 1.7062 at 16985 immediate resistance, failing to extend gains in the European morning after it had bounced from a fresh 4-day low of 1.6952.
Key quotes
"Investors are waiting for US data, including final GDP reading, Durable Goods orders and Services PMI, and will likely wait until then to decide where to go with majors."
"Technically however, the pair maintains a bearish tone, as per also trading below its 20 SMA that gains bearish slope and stands around 1.7000, while indicators head south in negative territory."
"A break below the daily low exposes 1.6920 strong static support in the short term, while if this one gives up, 1.6870 comes as next bearish target."
"A recovery above 1.7000 on the other hand, should support a recovery in GBP/USD, eyeing then an advance up to 1.7040/60 price zone."
Key quotes
"Investors are waiting for US data, including final GDP reading, Durable Goods orders and Services PMI, and will likely wait until then to decide where to go with majors."
"Technically however, the pair maintains a bearish tone, as per also trading below its 20 SMA that gains bearish slope and stands around 1.7000, while indicators head south in negative territory."
"A break below the daily low exposes 1.6920 strong static support in the short term, while if this one gives up, 1.6870 comes as next bearish target."
"A recovery above 1.7000 on the other hand, should support a recovery in GBP/USD, eyeing then an advance up to 1.7040/60 price zone."