The GBP/USD maintains a weak tone, but holding so far above 1.6950 immediate support. Technically, the 4 hours chart shows indicators aiming slightly higher from oversold levels, albeit lacking strength at the time being, while 20 SMA presents a strong bearish slope, offering dynamic resistance in the 1.7000 price zone. 200 EMA in the mentioned time frame stands flat around 1.7050, offering stronger resistance in case of an intraday recovery.
With no current directional strength, a price acceleration above mentioned 20 SMA should lead to a quick spike up to 1.7050, while an extension above this last should put the pair back in the bullish side, looking then for a test of 1.7095.
If price however extends its slide below 1.6950, stops will likely be triggered, accelerating the slide towards 1.6910 price zone.
View Live Chart for GBP/USD
With no current directional strength, a price acceleration above mentioned 20 SMA should lead to a quick spike up to 1.7050, while an extension above this last should put the pair back in the bullish side, looking then for a test of 1.7095.
If price however extends its slide below 1.6950, stops will likely be triggered, accelerating the slide towards 1.6910 price zone.
View Live Chart for GBP/USD
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