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1 Apr 2014
GBP/USD trading lower today
FXStreet (Buenos Aires) - After 6 days in a row of upward impulse, the GBP/USD trades lower this Tuesday affected by a disappointing UK PMI reading. Nevertheless, the movement remains barely corrective, with the pair shedding barely a 20% of its latest gains, anchored above the 1.6600 figure ahead of key major economic releases later this week.
Short term bearish potential
http://www.fxstreet.com/analysis/daily-opportunities/2014/04/01/
According to Isvan Varkonyi from Marketprog Ltd. “the $1,6650 level proves to be problematic. The exchange rate has reached the point where it needs to decide whether it goes for a correction after this gain or if it climbs higher after this brief stagnation. The key levels are at $1,6625, at the support trend line, and at $1,6660. If it breaks down below the former then we should see a correction all the way to $1,66 but in case of a breakout above the latter then the cable might inch higher, targeting the far away rate of $1,6755.”
Short term bearish potential
http://www.fxstreet.com/analysis/daily-opportunities/2014/04/01/
According to Isvan Varkonyi from Marketprog Ltd. “the $1,6650 level proves to be problematic. The exchange rate has reached the point where it needs to decide whether it goes for a correction after this gain or if it climbs higher after this brief stagnation. The key levels are at $1,6625, at the support trend line, and at $1,6660. If it breaks down below the former then we should see a correction all the way to $1,66 but in case of a breakout above the latter then the cable might inch higher, targeting the far away rate of $1,6755.”