25 Apr 2014
GBP/USD loses momentum
FXStreet (Córdoba) - The GBP/USD rally triggered by better-than-expected UK retail sales data faltered at the vicinity of 1.6830during the European session, leaving the Cable directionless heading into the weekend.
The GBP/USD printed a 2-day high of 1.6828 but couldn't hold ground for long and pulled back, trimming intraday gains. At time of writing, the pair is trading at the 1.6810 area, still up 0.06% on the day.
GBP/USD technical perspective
"Despite the lack of action the pair seems quite stable trading a few pips below its year high, with the hourly chart showing price above its moving averages and indicators in positive territory, while the 4 hours chart shows a quite neutral technical stance", says Valeria Bednarik, analyst at FXStreet. "Overall the upside remains favored with buyers probably surging more firmly on dips rather than advances".
In terms of technical levels, the analyst locates immediate resistance levels at 1.6820, 1.6870 and 1.6915. On the flip side, supports are seen at 1.6770, 1.6745 and 1.6710.
The GBP/USD printed a 2-day high of 1.6828 but couldn't hold ground for long and pulled back, trimming intraday gains. At time of writing, the pair is trading at the 1.6810 area, still up 0.06% on the day.
GBP/USD technical perspective
"Despite the lack of action the pair seems quite stable trading a few pips below its year high, with the hourly chart showing price above its moving averages and indicators in positive territory, while the 4 hours chart shows a quite neutral technical stance", says Valeria Bednarik, analyst at FXStreet. "Overall the upside remains favored with buyers probably surging more firmly on dips rather than advances".
In terms of technical levels, the analyst locates immediate resistance levels at 1.6820, 1.6870 and 1.6915. On the flip side, supports are seen at 1.6770, 1.6745 and 1.6710.