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16 Apr 2014
GBP/USD clings to 1.6800
FXStreet (Córdoba) - The GBP/USD is consolidating right below the 1.6800 mark at the beginning of the New York session, having pulled back slightly after approaching to 2014 highs, propelled by better-than-expected UK jobs data.
With the correction being contained by the 1.6780 zone, the Cable managed to resume the upside and it is currently trading around 1.6800, where it records a % gain on the day, with The latest string of US data having virtually no impact on the GBP/USD.
GBP/USD technical outlook
"Technically, the hourly chart shows indicators resuming the upside after correcting overbought readings, with 20 SMA gaining bullish slope below current price, while the 4 hours chart also presents a strong upward tone", says Valeria Bednarik, chief analyst at FXStreet. "Price however, halted around the year high of 1.6821 and a break above it is required to confirm further gains today, eyeing 1.6870 as next probable bullish target".
Bednarik locates next resistances at 1.6820, 1.6870 and 1.6915, while resistances are seen at 1.6820, 1.6870 and 1.6915.
With the correction being contained by the 1.6780 zone, the Cable managed to resume the upside and it is currently trading around 1.6800, where it records a % gain on the day, with The latest string of US data having virtually no impact on the GBP/USD.
GBP/USD technical outlook
"Technically, the hourly chart shows indicators resuming the upside after correcting overbought readings, with 20 SMA gaining bullish slope below current price, while the 4 hours chart also presents a strong upward tone", says Valeria Bednarik, chief analyst at FXStreet. "Price however, halted around the year high of 1.6821 and a break above it is required to confirm further gains today, eyeing 1.6870 as next probable bullish target".
Bednarik locates next resistances at 1.6820, 1.6870 and 1.6915, while resistances are seen at 1.6820, 1.6870 and 1.6915.