Back
2 Jun 2014
GBP/USD slightly up but rangebound - FXStreet
FXStreet (London) - Valeria Bednarik, FXStreet Chief Analyst comments that moving back and forth, the GBP/USD stands a few pips away of its daily opening, up after the release of UK manufacturing PMI showing activity kept expanding in May.
Key Quotes
“However, there’s little going on around the pair, stuck in the 1.6700/70 range for third day in a row. The 4 hours chart shows price bouncing from a bearish 20 SMA while indicators lose upward potential and turn lower around their midlines, giving no clear signs of directional strength.”
“200 EMA stands around the 1.6800 figure, acting as intraday resistance in case price manages to advance beyond mentioned 1.6770, while a daily descendant trend line coming from this year high stands today at 1.6860.”
“To the downside, price needs to extend below 1.6690 to confirm a bearish leg, looking for 1.6650 as immediate target, yet chances of such move are still low.”
Key Quotes
“However, there’s little going on around the pair, stuck in the 1.6700/70 range for third day in a row. The 4 hours chart shows price bouncing from a bearish 20 SMA while indicators lose upward potential and turn lower around their midlines, giving no clear signs of directional strength.”
“200 EMA stands around the 1.6800 figure, acting as intraday resistance in case price manages to advance beyond mentioned 1.6770, while a daily descendant trend line coming from this year high stands today at 1.6860.”
“To the downside, price needs to extend below 1.6690 to confirm a bearish leg, looking for 1.6650 as immediate target, yet chances of such move are still low.”