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Sterling finding its feet again - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD recovered some form in its early weekly opening dip to 1.6209, extending up to 1.6274 intraday.

Key Quotes:

“Trading midrange, the 1 hour chart shows price above a flat 20 SMA and indicators barely above their midlines, showing actually no real upward strength, while the 4 hours chart shows a strongly bearish 20 SMA capping the upside now around 1.6290 and indicators steady below their midlines”.

“UK GDP will be release early Tuesday (London), along with some business investment index, which means the pair will likely remain in a limited range ahead of the news”.

“Some uptick in the Q2 GDP reading is expected up to 3.2% which should keep Pound limited to the downside; a much better reading however, may put the pair in recovery mode, eyeing a quick advance up to 1.6345 strong static resistance zone”.

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