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2 Apr 2014
GBP/USD back to weekly lows
FXStreet (Córdoba) - The GBP/USD attempted to recover during the American session but the upside was capped below 1.6640 and Cable fell back to the lows. Currently price is trading around 1.6625 practically unchanged for the day, as Wall Street closes.
During the European session the pair peaked at 1.6663 but it reversed quickly, pulling back initially to 1.6630 but then, lower. Price continues to find support around 1.6610 - 1.6620 where weekly lows lie.
Technical outlook for the GBP/USD
“The pair has however managed to hold well above the 1.6600 maintaining the static stance seen over the past few days, and with the hourly chart showing a mild bearish tone”, says Valeria Bednarik, Chief Analyst at FXStreet.
According to Bednarik, the 4 hours chart shows also a slightly bearish technical outlook, “yet overall neutral, with room for short term falls down to 1.6550 without being much significant”.
During the European session the pair peaked at 1.6663 but it reversed quickly, pulling back initially to 1.6630 but then, lower. Price continues to find support around 1.6610 - 1.6620 where weekly lows lie.
Technical outlook for the GBP/USD
“The pair has however managed to hold well above the 1.6600 maintaining the static stance seen over the past few days, and with the hourly chart showing a mild bearish tone”, says Valeria Bednarik, Chief Analyst at FXStreet.
According to Bednarik, the 4 hours chart shows also a slightly bearish technical outlook, “yet overall neutral, with room for short term falls down to 1.6550 without being much significant”.