Pound gives up ground against the greenback, dragged lower by EUR/GBP strong upward momentum on European news. Locally, news show no change in BOE’s policy according to Minutes, while CBI Industrial orders resulted pretty discouraging, adding to the negative tone of the pair.
Technically, price accelerates lower approaching 1.6770, neckline of the double roof figure clear in intraday charts. The 4 hours chart also shows price breaking below its 20 SMA and indicators turning lower, approaching their midlines still in positive territory. A test of the critical support seems likely yet a break below it is required to confirm further losses, looking then for a test of the 1.6700/20 price zone.
A bounce from current levels on the other hand, needs certain stability above 1.6800 to deny the downside and favor a recovery up to 1.6840 first, while once above this last, towards 1.6870.
View Live Chart for GBP/USD
Technically, price accelerates lower approaching 1.6770, neckline of the double roof figure clear in intraday charts. The 4 hours chart also shows price breaking below its 20 SMA and indicators turning lower, approaching their midlines still in positive territory. A test of the critical support seems likely yet a break below it is required to confirm further losses, looking then for a test of the 1.6700/20 price zone.
A bounce from current levels on the other hand, needs certain stability above 1.6800 to deny the downside and favor a recovery up to 1.6840 first, while once above this last, towards 1.6870.
View Live Chart for GBP/USD
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