The GBP/USD advanced up to 1.7095 before BOE Minutes took the pair back down: vote remained unchanged, disappointing hopes of some firmer intention of a rate hike. The staff also came out with some mixed remarks, seeing a modest slowdown in GDP for H2 2014, and expressing concerns over the weakness of wage, more dovish, while some members stated that the danger a rate hike derailing the recovery has receded, a bit more hawkish there.
In average bears won, with the pair trading now a few pips above its daily low of 1.7058 albeit with no downward momentum at the time being. The 4 hours chart shows price contained within early week range, with immediate support in the 1.7030 price zone, 200 EMA and past week low: if price extends below the level, some stops will likely be triggered, favoring a downward continuation towards 1.6985 price zone. Trading below the 1.7000 level should trigger some other alerts among investors and profit taking may fuel further slides towards 1.6950 in the short term.
To the upside, the 1.7095 level has proved strong over these last few days, and some steady gains above it are required to deny the bearish tone. Once above, 1.7120 and 1.7150 are next resistance, and only above this last bulls will be ready to resume the run.
View Live Chart for GBP/USD
In average bears won, with the pair trading now a few pips above its daily low of 1.7058 albeit with no downward momentum at the time being. The 4 hours chart shows price contained within early week range, with immediate support in the 1.7030 price zone, 200 EMA and past week low: if price extends below the level, some stops will likely be triggered, favoring a downward continuation towards 1.6985 price zone. Trading below the 1.7000 level should trigger some other alerts among investors and profit taking may fuel further slides towards 1.6950 in the short term.
To the upside, the 1.7095 level has proved strong over these last few days, and some steady gains above it are required to deny the bearish tone. Once above, 1.7120 and 1.7150 are next resistance, and only above this last bulls will be ready to resume the run.
View Live Chart for GBP/USD
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