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10 Dec 2014
GBP/USD trades within well defined range
FXStreet (Guatemala) - GBP/USD is trading at 1.5672, up 0.04% on the day, having posted a daily high at 1.5676 and low at 1.5662.
GBP/USD is down through the 1.57 handle but remains in better bid territory while demand has continued to support on a buying on dips basis. However, the short-term technical picture is mixed with a lower support that comes in at 1.5540 with resistance at the 1.57 handle.
Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price stands above a slightly bearish 20 SMA, while indicators continue to hover around their midlines, showing no actual directional strength. “Selling interest seems strong in the 1.5700/40 area, while buyers surged on approaches to the 1.5620 area lately, defining a clear range that will likely prevail during the upcoming session”.
The markets have the FOMC to contend with later this month but in the mean time there are risks in US Retail Sales tomorrow and trade balance from the UK in London’s shift later on today.
GBP/USD is down through the 1.57 handle but remains in better bid territory while demand has continued to support on a buying on dips basis. However, the short-term technical picture is mixed with a lower support that comes in at 1.5540 with resistance at the 1.57 handle.
Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price stands above a slightly bearish 20 SMA, while indicators continue to hover around their midlines, showing no actual directional strength. “Selling interest seems strong in the 1.5700/40 area, while buyers surged on approaches to the 1.5620 area lately, defining a clear range that will likely prevail during the upcoming session”.
The markets have the FOMC to contend with later this month but in the mean time there are risks in US Retail Sales tomorrow and trade balance from the UK in London’s shift later on today.