26 May 2014
GBP/USD; Can we overcome 1.70 handle?
FXStreet (Guatemala) - GBP/USD is trading at 1.6843, up 0.07% on the day, having posted a daily high at 1.6855 and low at 1.6826.
GBP/USD bulls are back in the driving seat with the FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bullish. While the calendar may be looking light and with holidays, the week will pick up with an emphasis on the US economy. Technically, Karen Jones, chief analyst at Commerzbank explained GBP/USD eased lower towards the end of the week and while this alleviates immediate upside pressure we will need a close below the uptrend channel at 1.6771 to confirm that the market has topped. “Can we overcome 1.7000? We don’t think so. However signals are conflicting”.
GBP/USD Levels
Current price is 1.6844, with resistance ahead at 1.6852 (Weekly Classic PP), 1.6855 (Daily High), 1.6858 (Hourly 100 SMA), 1.6869 (Daily Classic R1) and 1.6877 (Yesterday's High). Next support to the downside can be found at 1.6842 (Hourly 20 EMA), 1.6840 (Daily Classic PP), 1.6837 (Daily Open), 1.6836 (Daily 20 SMA) and 1.6830 (Hourly 200 SMA).
GBP/USD bulls are back in the driving seat with the FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bullish. While the calendar may be looking light and with holidays, the week will pick up with an emphasis on the US economy. Technically, Karen Jones, chief analyst at Commerzbank explained GBP/USD eased lower towards the end of the week and while this alleviates immediate upside pressure we will need a close below the uptrend channel at 1.6771 to confirm that the market has topped. “Can we overcome 1.7000? We don’t think so. However signals are conflicting”.
GBP/USD Levels
Current price is 1.6844, with resistance ahead at 1.6852 (Weekly Classic PP), 1.6855 (Daily High), 1.6858 (Hourly 100 SMA), 1.6869 (Daily Classic R1) and 1.6877 (Yesterday's High). Next support to the downside can be found at 1.6842 (Hourly 20 EMA), 1.6840 (Daily Classic PP), 1.6837 (Daily Open), 1.6836 (Daily 20 SMA) and 1.6830 (Hourly 200 SMA).