GBP/USD: upside limited short-term by 1.2860
|The GBP/USD pair was heading into the US opening with a positive tone, and trading near its weekly high set on Monday at 1.2860, but ECB´s headlines giving a temporal boost to the greenback sent it down to the current 1.2820 region, trading anyway in the green daily basis. News coming from the UK early today showed that house prices rose by 1.1% this month, according to the Nationwide survey, the first rise in four, and by 3.1% when compared to a year earlier, mostly due to low mortgage rates, although the news did little for the Pound ahead of Carney.
The technical picture favors the upside, although the upward momentum seems limited as the price remains trapped within a limited intraday range. In the 4 hours chart, the price holds far above a bullish 20 SMA and also above the 200 EMA, while technical indicators consolidate around overbought readings. To extend its advance, the pair needs to surpass 1.2860, the mentioned weekly high, while below 1.2790, the risk turns towards the downside for the rest of the day.
Support levels: 1.2860 1.2900 1.2935
Resistance levels: 1.2790 1.2750 1.2710
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.