OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD further consolidation likely – FXStreet

FXStreet (Barcelona) - Matias Salord, Analyst at FXStreet, sees some consolidation for the GBP/USD pair in the short term.

Key Quotes

“The currency remains weak across the board while GBP/USD dominant trend continues to point to the downside, but some support in the short time could favor consolidation ahead of tomorrow’s FED minutes.”

“The pair had been consolidating around 1.5650 during the last hours, with the 4-hour chart showing no signs of a bullish correction yet.”

“Price holds below 20-SMA and the 55-SMA. The 20-SMA is offering resistance in the short term at 1.5675, a consolidation above could favor another move to the upside as Momentum would have risen above 100. Above 1.5700 the next resistance lies at 1.5735/40 and then 1.5790.”

“Price has risen above the hourly 20-SMA that offers dynamic support around 1.5640, a consolidation significantly below could signal a test to 1.5600; this year low at 1.5589 comes as next support, and below here the decline could extend toward 1.5560.”

Chile Gross Domestic Product (YoY) dipped from previous 1.9% to 0.8% in 3Q

Read more Previous

EUR/JPY hits 6-year high

EUR/JPY reached fresh multi-year highs during the European session, underpinned by much-stro
Read more Next
Start livechat