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3 Jun 2014
GBP/USD bearish daily outlook
FXStreet (Guatemala) - GBP/USD is trading at 1.6748, up 0.02% on the day, having posted a daily high at 1.6784 and low at 1.6731.
Dmytro Bondar, Technical Analyst at RBS explained, on a longer term basis, that GBP/USD tested his 1st target of 1.6693 (was the exact low), but said it remains exposed for more downside amid large H&S pattern and candlestick patterns, which see the recent consolidation as a return move to the neckline level, which according to the H&S pattern should be followed by a move to 1.6600 onto 1.6556 and 1.6488/52. “A break above 1.6800 changes the view”.
GBP/USD Levels
Spot is presently trading at 1.6749, and next resistance can be seen at 1.6751 (Hourly 20 EMA), 1.6770 (Daily Classic R1), 1.6772 (Yesterday's High), 1.6777 (Weekly Classic PP) and 1.6784 (Daily High). Next support to the downside can be found at 1.6748 (Daily Classic PP), 1.6747 (Daily Open), 1.6737 (Hourly 100 SMA), 1.6731 (Daily Low) and 1.6725 (Yesterday's Low).
Dmytro Bondar, Technical Analyst at RBS explained, on a longer term basis, that GBP/USD tested his 1st target of 1.6693 (was the exact low), but said it remains exposed for more downside amid large H&S pattern and candlestick patterns, which see the recent consolidation as a return move to the neckline level, which according to the H&S pattern should be followed by a move to 1.6600 onto 1.6556 and 1.6488/52. “A break above 1.6800 changes the view”.
GBP/USD Levels
Spot is presently trading at 1.6749, and next resistance can be seen at 1.6751 (Hourly 20 EMA), 1.6770 (Daily Classic R1), 1.6772 (Yesterday's High), 1.6777 (Weekly Classic PP) and 1.6784 (Daily High). Next support to the downside can be found at 1.6748 (Daily Classic PP), 1.6747 (Daily Open), 1.6737 (Hourly 100 SMA), 1.6731 (Daily Low) and 1.6725 (Yesterday's Low).