The dollar extends its gains against its major rivals this Friday, still mounted on the back of OPEC decision to keep production quota unchanged: oil decline accelerates below $70.00 a barrel, benefiting the American currency. In the UK, house price growth softened in November, falling from 9.0% in October to 8.5%; headline may be marked as negative, but the fact is that lower price are positive for the economy, as early this year price soared beyond tolerable, menacing to become a bubble and being a major concern for the BOE.
The GBP/USD pair 4 hours chart shows price battling around 1.5700 and below its 20 SMA while indicators are ready to cross their midlines to the downside, presenting a clear bearish slope and supporting some further declines: a price acceleration below 1.5690 should lead to a test of the 1.5650 price zone, while if this last gives up, 1.5610 comes next. To the upside, 1.5740 has become aging the resistance level to follow, with some follow through above it required to see the pair approaching 1.5800.
View Live Chart for GBP/USD
The GBP/USD pair 4 hours chart shows price battling around 1.5700 and below its 20 SMA while indicators are ready to cross their midlines to the downside, presenting a clear bearish slope and supporting some further declines: a price acceleration below 1.5690 should lead to a test of the 1.5650 price zone, while if this last gives up, 1.5610 comes next. To the upside, 1.5740 has become aging the resistance level to follow, with some follow through above it required to see the pair approaching 1.5800.
View Live Chart for GBP/USD
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