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25 Feb 2014
GBP/USD steady around 1.6650
FXStreet (Córdoba) - The GBP/USD remains flat on Tuesday trading around 1.6650/55, after posting on Tuesday a daily gain of less than 50 pips. Cable stabilized after making a strong rebound from levels under 1.6600.
Outlook for GBP/USD
The pair is moving sideways in the short-term but still holds a bearish bias as it continues to make lower lows every day, in the last six trading days.
“There are some decent sized option expiries due today and tomorrow, at both 1.6600 and 1.6650, and thus it would be no surprise to see Cable sit fairly close to current levels for much of the session”, says Jim Langlands from FX Charts.
From a technical perspective Langlands affirms that the immediate resistance lies at around 1.6670, “above which minor descending trend resistance is at 1.6700, beyond which Friday’s 1.6725 top should easily cover it”. To the downside, he points out that 1.6600 and then 1.6582 “will again see buyers ahead of 1.6535”.
Outlook for GBP/USD
The pair is moving sideways in the short-term but still holds a bearish bias as it continues to make lower lows every day, in the last six trading days.
“There are some decent sized option expiries due today and tomorrow, at both 1.6600 and 1.6650, and thus it would be no surprise to see Cable sit fairly close to current levels for much of the session”, says Jim Langlands from FX Charts.
From a technical perspective Langlands affirms that the immediate resistance lies at around 1.6670, “above which minor descending trend resistance is at 1.6700, beyond which Friday’s 1.6725 top should easily cover it”. To the downside, he points out that 1.6600 and then 1.6582 “will again see buyers ahead of 1.6535”.