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11 Jun 2014
GBP/USD rally stalls a few pips below 1.6800 - FXStreet
FXStreet (Barcelona) - As FXStreet Chief Analyst Valeria Bednarik observes, the GBP/USD rally stalled a few pips below the 1.6800 figure after better than expected UK employment reading gave Pound a lift across the board.
Key quotes
“The hourly chart shows the strong upward momentum prevails as per indicators heading north above their midlines, and price steady above a mild bullish 20 SMA currently around 1.6750.”
“In the 4 hours chart price was unable to extend beyond its moving averages 20 SMA and 200 EMA, both converging in the 1.6790 price zone while indicators lost upward strength around their midlines. ”
“Critical resistance stands around 1.6820, yesterday’s high and the daily descendant trend line coming from this year high. Only above this level the pair will be able to extend its rally, looking then for a test of 1.6860 price zone.”
Key quotes
“The hourly chart shows the strong upward momentum prevails as per indicators heading north above their midlines, and price steady above a mild bullish 20 SMA currently around 1.6750.”
“In the 4 hours chart price was unable to extend beyond its moving averages 20 SMA and 200 EMA, both converging in the 1.6790 price zone while indicators lost upward strength around their midlines. ”
“Critical resistance stands around 1.6820, yesterday’s high and the daily descendant trend line coming from this year high. Only above this level the pair will be able to extend its rally, looking then for a test of 1.6860 price zone.”