Analytics

Forex forecast

GBP/USD Current price: 1.6885

21.05.2014 18:36:56



Pound soared up to 1.6920 against the greenback on better than expected retail sales data in the UK along with hawkish BOE’s Minutes.  The pair has retreated some form the level amid dollar advance, yet holds pretty well near the highs, and above the daily descendant trend line coming from this year high broken with the news. The hourly chart shows price consolidating above a bullish 20 SMA, while indicators turned flat in overbought levels, far from suggesting a bearish move. In the 4 hours chart indicators lost some of early upward momentum but hold in positive territory, which helps keeping the downside contained. Bullish trend remains intact as long as above 1.6870, with a break above 1.6920 favoring a quick run towards 1.6960 price zone.

Support levels: 1.6870 1.6820 1.6790 

Resistance levels: 1.6920 1.6960 1.7000

Source