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19 May 2014
GBP/USD 1.6850 is key
FXStreet (Guatemala) - GBP/USD is trading at 1.6823, up 0.09% on the day, having posted a daily high at 1.6847 and low at 1.6805.
GBP/USD has been testing the supporting zones while the climb from the end of last week onto 1.68 is tiring out through 1.6040. RBS strategists at explained that last week they highlighted the shooting star candle and said the risk was for a test into the 1.6775/1.6820 support area (previous resistance), and said that maybe at a push we might see 1.65/1.66 at some stage. “At this stage we have tested and bounced off the base of the first support zone at 1.6775. However the risk remains of a move lower to the 1.65/1.66 area, unless this can get back above 1.6850 resistance”.
GBP/USD Levels
With spot trading at 1.6824, we can see next resistance ahead at 1.6826 (Daily 20 SMA), 1.6840 (Daily Classic R1), 1.6843 (Yesterday's High), 1.6847 (Daily High) and 1.6857 (Hourly 200 SMA). Support below can be found at 1.6822 (Hourly 20 EMA), 1.6815 (Weekly Classic PP), 1.6815 (Daily Open), 1.6812 (Daily Classic PP) and 1.6805 (Daily Low).
GBP/USD chart formations
Looking to candlestick patterns, we can see a Piercing Line formation on the 1-hour chart.
GBP/USD has been testing the supporting zones while the climb from the end of last week onto 1.68 is tiring out through 1.6040. RBS strategists at explained that last week they highlighted the shooting star candle and said the risk was for a test into the 1.6775/1.6820 support area (previous resistance), and said that maybe at a push we might see 1.65/1.66 at some stage. “At this stage we have tested and bounced off the base of the first support zone at 1.6775. However the risk remains of a move lower to the 1.65/1.66 area, unless this can get back above 1.6850 resistance”.
GBP/USD Levels
With spot trading at 1.6824, we can see next resistance ahead at 1.6826 (Daily 20 SMA), 1.6840 (Daily Classic R1), 1.6843 (Yesterday's High), 1.6847 (Daily High) and 1.6857 (Hourly 200 SMA). Support below can be found at 1.6822 (Hourly 20 EMA), 1.6815 (Weekly Classic PP), 1.6815 (Daily Open), 1.6812 (Daily Classic PP) and 1.6805 (Daily Low).
GBP/USD chart formations
Looking to candlestick patterns, we can see a Piercing Line formation on the 1-hour chart.