Back
1 Apr 2014
GBP/USD consolidates losses, holds above 1.6600
FXStreet (Córdoba) - The GBP/USD is about to finish Tuesday lower around 1.6630, with a decline of 30 pips. During the American session the pair held steady and in the last hour approached to daily lows after moving away from 1.6650.
Despite the retreated the pair still holds above 1.6600. Price bottomed on European hours at 1.6617 and then recovered but it was unable to rise above 1.6660.
Outlook for the GBP/USD
According to Valeria Bednarik, Chief Analyst at FXStreet, the pair trades with a clear bearish short term tone, “as the hourly chart shows 20 SMA heading lower above current price and acting as dynamic resistance, currently around 1.6650, as indicators head lower in negative territory”.
A break below 1.6600, would increase the downside risk, favoring a slide toward 1.6510 Bednarik points out.
Despite the retreated the pair still holds above 1.6600. Price bottomed on European hours at 1.6617 and then recovered but it was unable to rise above 1.6660.
Outlook for the GBP/USD
According to Valeria Bednarik, Chief Analyst at FXStreet, the pair trades with a clear bearish short term tone, “as the hourly chart shows 20 SMA heading lower above current price and acting as dynamic resistance, currently around 1.6650, as indicators head lower in negative territory”.
A break below 1.6600, would increase the downside risk, favoring a slide toward 1.6510 Bednarik points out.