The British Pound rose yesterday against the US dollar, moving back to a trading range, that is likely to continue to limit price movements. The short term trend is not clear; only a confirm break of the range, either above 1.5750 or below 1.5550 would give strong signals.
The 4 hours chart shows moving averages flat, offering resistance around 1.5670/75, that is an important level for the coming hours. A break higher is likely to give momentum to the pound and open the door for a rise above 1.5700. The next resistance lies at 1.5740 while in the way toward 1.5800 sellers are expected to show up.
The pair is losing momentum, in line with what technical indicators are showing, after being unable to rise above the mentioned moving averages, currently testing intraday support at 1.5620. Below here buyers are likely to appear between 1.5600 and 1.5585; a break lower could open the door for a test of 2014 lows around 1.5540; an extension below would need a much more volatile session.
View Live Chart for GBP/USD
The 4 hours chart shows moving averages flat, offering resistance around 1.5670/75, that is an important level for the coming hours. A break higher is likely to give momentum to the pound and open the door for a rise above 1.5700. The next resistance lies at 1.5740 while in the way toward 1.5800 sellers are expected to show up.
The pair is losing momentum, in line with what technical indicators are showing, after being unable to rise above the mentioned moving averages, currently testing intraday support at 1.5620. Below here buyers are likely to appear between 1.5600 and 1.5585; a break lower could open the door for a test of 2014 lows around 1.5540; an extension below would need a much more volatile session.
View Live Chart for GBP/USD
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