With half Europe closed on bank holidays and an empty calendar, a dull week ends with a dull Friday: the GBP/USD has been trading in a 20 pips range ever since the day began. Not even UK quarterly GDP data that rose above expected yearly basis up to 3.2%, highest since late 2007, was enough to wake up the pair that holds below the 1.6700 mark.
Across the board, dollar is experiencing some short term selling, with commodity currency among the strongest, albeit also confined to tight ranges. Nevertheless, market is extremely quiet at the time being, and if something, US data later on the day can trigger some intraday moves.
Technically, the GBP/USD maintains its bearish bias, as per trading near the 4 months low posted earlier this week, albeit the 4 hours chart shows indicators exhausted in oversold levels and RSI attempting an upward correction. In the same time frame, 20 SMA presents a strong bearish slope, offering dynamic resistance around 1.6730, and as long as below upward movements will remain as corrective. An unlikely break above it may see the pair extending to the 1.6760/70 price zone, but the downside remains favored: below 1.6650, the pair will likely accelerate its slide, eyeing 1.6590/1.6610 price zone.
View Live Chart for GBP/USD
Across the board, dollar is experiencing some short term selling, with commodity currency among the strongest, albeit also confined to tight ranges. Nevertheless, market is extremely quiet at the time being, and if something, US data later on the day can trigger some intraday moves.
Technically, the GBP/USD maintains its bearish bias, as per trading near the 4 months low posted earlier this week, albeit the 4 hours chart shows indicators exhausted in oversold levels and RSI attempting an upward correction. In the same time frame, 20 SMA presents a strong bearish slope, offering dynamic resistance around 1.6730, and as long as below upward movements will remain as corrective. An unlikely break above it may see the pair extending to the 1.6760/70 price zone, but the downside remains favored: below 1.6650, the pair will likely accelerate its slide, eyeing 1.6590/1.6610 price zone.
View Live Chart for GBP/USD
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