Back
29 May 2014
GBP/USD back to square one
FXStreet (Córdoba) - The GBP/USD remained little changed well within today’s range after the latest series of mixed US data.
While US Q1 GDP was downwardly revised to -1.0%, jobless claims declined to 300K last week. Separated data showed pending home sales rose by 0.4%, less than expected. The GBP/USD however barely reacted to data and trades nearly flat at 1.6717, after oscillating between a 1-month low of 1.6692 and a daily high of 1.6739 during the European trade.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet, notes that “technical indicators are turning back south after correcting from oversold readings, while 20 SMA (in 4-hour chart) maintains a strong bearish slope above current price, all of which keeps the pressure to the downside”.
Bednarik locates next support levels at 1.6695, 1.6650 and 1.6615, while resistances are seen at 1.6730, 1.6770 and 1.6810.
While US Q1 GDP was downwardly revised to -1.0%, jobless claims declined to 300K last week. Separated data showed pending home sales rose by 0.4%, less than expected. The GBP/USD however barely reacted to data and trades nearly flat at 1.6717, after oscillating between a 1-month low of 1.6692 and a daily high of 1.6739 during the European trade.
GBP/USD technical perspective
Valeria Bednarik, chief analyst at FXStreet, notes that “technical indicators are turning back south after correcting from oversold readings, while 20 SMA (in 4-hour chart) maintains a strong bearish slope above current price, all of which keeps the pressure to the downside”.
Bednarik locates next support levels at 1.6695, 1.6650 and 1.6615, while resistances are seen at 1.6730, 1.6770 and 1.6810.