GBP/USD: EUR's demand caps Pound´s gains
|GBP/USD Current price: 1.2762
The GBP/USD pair extended its advance up to 1.2772, helped by broad dollar's weakness and BOE's Carney statement following the release of the Financial Stability report, asking banks to raise their capital requirements amid growth in the local economy and external risks. The pair holds near its highs ahead of the US opening, but seems reluctant to extend its advance ahead of Fed's Yellen speech later today. Furthermore, a strong advance in the EUR/GBP amid EUR's demand limits gains at the time being.
In the meantime, the 4 hours chart shows that the price has continued to find intraday support around a bullish 20 SMA, now at 1,2720, while the RSI indicator holds around 61, with limited upward strength, and the Momentum heads nowhere around its 100 level, indicating diminishing buying interest as the price near 1.2800. The 200 EMA in the mentioned chart stands at 1.2790, providing an immediate dynamic resistance, with a clear extension and a candle opening beyond it required to confirm further gains ahead.
Support levels: 1.2735 1.2690 1.2665
Resistance levels: 1.2790 1.2830 1.2885
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.