9 Apr 2014
GBP/USD heading towards critical levels
FXStreet (Guatemala) - GBP/USD is trading at 1.6770 post the FOMC minutes, up 0.15% on the day, having posted a daily high at 1.6781 and low at 1.6724.
After some dovish minutes, Sterling, amongst most G10’s, is taking advantage of an even weaker dollar this week. What will be interesting is whether the pair can continue towards critical levels, with 1.68 being the psychological barrier ahead of the 1.70 key resistance of the long-term range.
200 SMA climbing higher
Looking to a daily chart, we see that RSI is neutral at 63.91. The 200 SMA is currently at 1.6700, up from 1.6642 at the last period close, and climbing on the hourly GBP/USD chart. Moving with a range-bound trend, the exponential average closing price is 1.6616.
GBP/USD Levels (Piercing Line and Engulfing Bullish)
With spot trading at 1.6767, we can see next resistance ahead at 1.6781 (Daily High), 1.6788 (Weekly Classic R3), 1.6801 (Daily Classic R1), 1.6856 (Daily Classic R2) and 1.6955 (Daily Classic R3). Support below can be found at 1.6757 (Yesterday's High), 1.6747 (Daily Open), 1.6746 (Monthly High), 1.6746 (Weekly High) and 1.6746 (Annual High). Looking to candlestick patterns, we can see a Piercing Line and Engulfing Bullish formation on the 1-hour chart.
After some dovish minutes, Sterling, amongst most G10’s, is taking advantage of an even weaker dollar this week. What will be interesting is whether the pair can continue towards critical levels, with 1.68 being the psychological barrier ahead of the 1.70 key resistance of the long-term range.
200 SMA climbing higher
Looking to a daily chart, we see that RSI is neutral at 63.91. The 200 SMA is currently at 1.6700, up from 1.6642 at the last period close, and climbing on the hourly GBP/USD chart. Moving with a range-bound trend, the exponential average closing price is 1.6616.
GBP/USD Levels (Piercing Line and Engulfing Bullish)
With spot trading at 1.6767, we can see next resistance ahead at 1.6781 (Daily High), 1.6788 (Weekly Classic R3), 1.6801 (Daily Classic R1), 1.6856 (Daily Classic R2) and 1.6955 (Daily Classic R3). Support below can be found at 1.6757 (Yesterday's High), 1.6747 (Daily Open), 1.6746 (Monthly High), 1.6746 (Weekly High) and 1.6746 (Annual High). Looking to candlestick patterns, we can see a Piercing Line and Engulfing Bullish formation on the 1-hour chart.