25 Jun 2014
Pound recovery stalled around 1.7000 - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that pound recovery stalled around 1.7000, with GBP/USD now consolidating nearby.
Key quotes
"Despite dollar weakness the pair is unable to run higher, but the technical picture is still bullish in the short term as the hourly chart shows indicators heading north almost vertical, and price advancing above its 20 SMA."
"In the 4 hours chart price is unable to overcome 20 SMA currently around mentioned 1.7000 while indicators stand flat below their midlines, reflecting the lack of upward strength."
"Nevertheless, the downside seems limited, with a price acceleration above mentioned figure favoring an approach to the 1.7040/60 price zone."
Key quotes
"Despite dollar weakness the pair is unable to run higher, but the technical picture is still bullish in the short term as the hourly chart shows indicators heading north almost vertical, and price advancing above its 20 SMA."
"In the 4 hours chart price is unable to overcome 20 SMA currently around mentioned 1.7000 while indicators stand flat below their midlines, reflecting the lack of upward strength."
"Nevertheless, the downside seems limited, with a price acceleration above mentioned figure favoring an approach to the 1.7040/60 price zone."