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GBP/USD: under demand - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the pound saw some early demand probably lead by EUR/GBP selling, reaching 1.6643 against the greenback.

Key Quotes:

“UK Manufacturing PMI: As data missed expectations, the pair eased back consolidating for the rest of the day below the daily descendant trend line coming from this year high of 1.7190.”

“The hourly chart shows a couple spikes above it but the fact is that so far, price was unable to establish above it. Furthermore, momentum has lost its upward strength and grinded lower nearing its midline, while RSI stands in neutral territory, all of which helps keep the upside limited”.

“In the 4 hours chart technical readings maintain the neutral tone seen over the past few days despite the higher high of the week, with the pair also waiting for economic developments before setting a clearer trend”.

“Support levels: 1.6600 1.6570, 1.6540”.

“Resistance levels: 1.6630 1.6665, 1.6700”.

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