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GBP/USD rested for now, indicators turn south - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD advanced to a fresh weekly high of 1.6226, trading deep in red on the day but well above yesterday’s low.

Key Quotes:

“The BOE has passed without notice this Thursday, having left its economic policy unchanged, and therefore delaying any possible action by 2 weeks, when the Minutes well be released”.

“Short term, the pair presents a bearish tone, as price broke back below 20 SMA now turning south around 1.6170, while indicators head south below their midlines”.

“In the 4 hours chart indicators also turned lower, approaching their midlines, while 20 SMA maintains a clear bullish slope offering intraday dynamic resistance around the daily low”.

“Further declines below 1.6090 should anticipate a steady decline for the upcoming 24 hours, eyeing again an approach to the 1.6000 price zone”.

“Support levels: 1.6090, 1.6050 and 1.6020”

“Resistance levels: 1.617,0 1.6200 and 1.6235”

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