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8 Aug 2014
GBP/USD testing the bulls commitment’s
FXStreet (Guatemala) - GBP/USD is trading at 1.6773, down -0.35% on the day, having posted a daily high at 1.6836 and low at 1.6767.
GBP/USD continues to slide and analyst at HSBC suggested that the USD is the next currency getting ready for lift-off. “We are getting to the point where tapering is coming to an end and uncertainty is replacing certainty. This should lead to increased speculation regarding US rate rises”. From a technical point of view, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained, "GBP/USD short‐term technicals: bearish—all signals point to downside risk and today’s ability of spot to fall to a fresh two‐month low warns of building downside momentum. Support lies at 1.6800; while resistance lies at the 100‐day MA at 1.6875."
GBP/USD Levels
With spot trading at 1.6774, we can see next resistance ahead at 1.6798 (Daily Classic S2), 1.6808 (Hourly 20 EMA), 1.6822 and 1.6822. Support below can be found at 1.6774 (Daily Classic S3), 1.6767 (Daily Low), 1.6756 (Weekly Classic S1), 1.6690 (Weekly Classic S2) and 1.6645 (Daily 200 SMA).
GBP/USD continues to slide and analyst at HSBC suggested that the USD is the next currency getting ready for lift-off. “We are getting to the point where tapering is coming to an end and uncertainty is replacing certainty. This should lead to increased speculation regarding US rate rises”. From a technical point of view, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained, "GBP/USD short‐term technicals: bearish—all signals point to downside risk and today’s ability of spot to fall to a fresh two‐month low warns of building downside momentum. Support lies at 1.6800; while resistance lies at the 100‐day MA at 1.6875."
GBP/USD Levels
With spot trading at 1.6774, we can see next resistance ahead at 1.6798 (Daily Classic S2), 1.6808 (Hourly 20 EMA), 1.6822 and 1.6822. Support below can be found at 1.6774 (Daily Classic S3), 1.6767 (Daily Low), 1.6756 (Weekly Classic S1), 1.6690 (Weekly Classic S2) and 1.6645 (Daily 200 SMA).