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9 Jun 2014
GBP/USD capped again by the daily descendant trend line - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst remarks that trading is slow today due to holidays in several European markets and that the forex board is showing tight range particularly among local currencies against the greenback.
Key quotes
“The GBP/USD made an attempt to advance, yet again was capped by the daily descendant trend line coming from this year, today at 1.6835.”
“Trading barely higher on the day, the 4 hours chart shows price above both 200 EMA and 20 SMA, this last with a strong bullish slope and offering intraday support in case of retracements, in the 1.6870/80 price zone. Indicators in the mentioned chart stand above their midlines, but losing the upward momentum and turning flat, which indicates little buying interest so far in the day.”
“Considering past Friday high of 1.6845, only a break above this last will favor an upward continuation towards 1.6880/90, in route to stronger resistance at 1.6920.”
“A break below 1.6770 on the other hand is required to confirm a move lower, looking then for a test of the 1.6720/30 price zone.”
Key quotes
“The GBP/USD made an attempt to advance, yet again was capped by the daily descendant trend line coming from this year, today at 1.6835.”
“Trading barely higher on the day, the 4 hours chart shows price above both 200 EMA and 20 SMA, this last with a strong bullish slope and offering intraday support in case of retracements, in the 1.6870/80 price zone. Indicators in the mentioned chart stand above their midlines, but losing the upward momentum and turning flat, which indicates little buying interest so far in the day.”
“Considering past Friday high of 1.6845, only a break above this last will favor an upward continuation towards 1.6880/90, in route to stronger resistance at 1.6920.”
“A break below 1.6770 on the other hand is required to confirm a move lower, looking then for a test of the 1.6720/30 price zone.”