23 Jun 2014
GBP consolidating recent gains - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that despite having shown little follow through the GBP maintains its strength, trading above the 1.7000 figure against the greenback, consolidating its recent gains.
Key quotes
"Trading in a tight 60 pips range for second day in a row, the 4 hours chart shows that while price holds above a bullish 20 SMA, indicators turned lower and approach their midlines, diverging from price action."
"Mentioned SMA offers short term support around 1.7010 now, yet a downward acceleration through 1.7000 is required to confirm a bearish movement that can extend down to 1.6950 strong static support."
"The upside is favored yet messy, with a clear break above 1.7060 needed to confirm a bullish leg towards 1.7100 for today."
Key quotes
"Trading in a tight 60 pips range for second day in a row, the 4 hours chart shows that while price holds above a bullish 20 SMA, indicators turned lower and approach their midlines, diverging from price action."
"Mentioned SMA offers short term support around 1.7010 now, yet a downward acceleration through 1.7000 is required to confirm a bearish movement that can extend down to 1.6950 strong static support."
"The upside is favored yet messy, with a clear break above 1.7060 needed to confirm a bullish leg towards 1.7100 for today."