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14 Mar 2014
GBP/USD: short-lived spike
FXStreet (Córdoba) - The GBP/USD saw a short-lived spike to new day's highs during the American session as the greenback weakened across the board.
The GBP/USD jumped to a high of 1.6644 but lacked follow through and pulled back to the 1.6600 comfort zone, where it has spent most of the day consolidating following yesterday's sharp moves. At time of writing, the GBP/USD is trading at the 1.6620 zone, virtually unchanged since opening.
GBP/USD technical perspective
"In the 4 hours chart technical readings maintain a neutral stance, with current candle extending below 200 EMA: daily low stands now at 1.6585, and weekly one at 1.6567: watch for a break below this latter to confirm further slides towards 1.6520 next support", said Valeria Bednarik, analyst at FXStreet. On the other hand, Bednarik locates next resistances at 1.6650 and 1.6700.
The GBP/USD jumped to a high of 1.6644 but lacked follow through and pulled back to the 1.6600 comfort zone, where it has spent most of the day consolidating following yesterday's sharp moves. At time of writing, the GBP/USD is trading at the 1.6620 zone, virtually unchanged since opening.
GBP/USD technical perspective
"In the 4 hours chart technical readings maintain a neutral stance, with current candle extending below 200 EMA: daily low stands now at 1.6585, and weekly one at 1.6567: watch for a break below this latter to confirm further slides towards 1.6520 next support", said Valeria Bednarik, analyst at FXStreet. On the other hand, Bednarik locates next resistances at 1.6650 and 1.6700.