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17 Mar 2014
GBP/USD holds above 1.6600
FXStreet (Córdoba) - The GBP/USD came under pressure Monday after failing to rise past the 1.6650 area with little on the fundamental side to offer the Cable inspiration.
The GBP/USD found resistance at 1.6650 and fell toward the 1.6600 area, pausing the decline a few pips above the psychological level. At time of writing, the GBP/USD is trading at the 1.6610 zone, recording a 0.1% loss, with below expectations NY Empire State manufacturing index having little effect on the pair.
GBP/USD technical outlook
"Technically then, there is no clear upcoming direction, and considering the FED will meet this Wednesday, the most likely scenario is further range ahead between 1.6580 and 1.6720", said Valeria Bednarik, chief analyst at FXStreet.
"In the short term, a slightly bearish tone prevails, suggesting a probable test of the base of the range around 1.6580 as long as 1.6650 continues to cap the upside. Accelerations above this latter on the other hand, may see the pair advancing up to 1.6690 today", Bednarik added.
The GBP/USD found resistance at 1.6650 and fell toward the 1.6600 area, pausing the decline a few pips above the psychological level. At time of writing, the GBP/USD is trading at the 1.6610 zone, recording a 0.1% loss, with below expectations NY Empire State manufacturing index having little effect on the pair.
GBP/USD technical outlook
"Technically then, there is no clear upcoming direction, and considering the FED will meet this Wednesday, the most likely scenario is further range ahead between 1.6580 and 1.6720", said Valeria Bednarik, chief analyst at FXStreet.
"In the short term, a slightly bearish tone prevails, suggesting a probable test of the base of the range around 1.6580 as long as 1.6650 continues to cap the upside. Accelerations above this latter on the other hand, may see the pair advancing up to 1.6690 today", Bednarik added.