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2 Jun 2014
GBP/USD steady ahead of US data
FXStreet (Córdoba) - The GBP/USD managed to bounce after dropping to fresh daily lows at the beginning of the European session and steadied inside a narrow range around 1.6750, where it has spent the last hours.
The GBP/USD bounced from a low of 1.6723 and trimmed intraday losses, although it lacked momentum to extend its recovery above 1.6760 ahead of the release of US Markit and ISM manufacturing PMIs. At time of writing, the Cable is trading at 1.6752, still a few pips below its opening price.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes the GBP/USD holds a slight positive tone in 4-hour charts, but losing upward potential, with indicators turning down. “1.6770 stands as immediate resistance level and if above the pair may advance up to 1.6800, thus further advances are not yet clear”, said the analyst.
Bednarik locates next resistance levels at 1.6770, 1.6800 and 1.6860, while supports are seen at 1.6735, 1.6695 and 1.6650.
The GBP/USD bounced from a low of 1.6723 and trimmed intraday losses, although it lacked momentum to extend its recovery above 1.6760 ahead of the release of US Markit and ISM manufacturing PMIs. At time of writing, the Cable is trading at 1.6752, still a few pips below its opening price.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes the GBP/USD holds a slight positive tone in 4-hour charts, but losing upward potential, with indicators turning down. “1.6770 stands as immediate resistance level and if above the pair may advance up to 1.6800, thus further advances are not yet clear”, said the analyst.
Bednarik locates next resistance levels at 1.6770, 1.6800 and 1.6860, while supports are seen at 1.6735, 1.6695 and 1.6650.