GBP/USD Current price: 1.6770

10.04.2014 18:19:06

The GBP/USD trades slightly lower today, after flirting with 1.6820with the European opening. The BOE has left its economic policy unchanged, triggering no movements in the pair and if something, is profit taking and sellers around the year high what provoked current retracement. Technically short term charts are gaining a bearish tone, with indicators heading south around their midlines and price below its 20 SMA, supporting a downward corrective movement towards 1.6720 strong static support area. In the 4 hours chart indicators barely corrected extreme overbought readings and aim back higher, while 20 SMA advanced up to 1.6710 reinforcing the support area. Corrective movements may extend down to 1.6660, but the dominant bullish change will hardly be affected; on the other hand, a break above mentioned 1.6820 high should trigger further gains, eyeing 1.6880 in the short term.

Support levels: 1.6760 1.6720 1.6660 

Resistance levels: 1.6820 1.6860 1.6915