Comatose Monday extends into Tuesday, with the calendar almost empty during Asia and on current European session. The GBP/USD hovers below the 1.6600 level, trading below it since past Thursday and with a kneejerk in the middle down to 1.6534 on Sunday opening, but confined to a tight 20 pips range for most of these last 4 days. Considering the pair is trading at a 5-month low, after a steady 7 weeks slide, some may consider an interim bottom is under way. But the fact is that is too early to think about it, more with price unable to pick up: the dominant trend is still bearish, and current consolidative stage is more a pause, looking for a trigger, than a sign of clear exhaustion.
Over the US session, several macroeconomic readings will hit the wires, including Durable Goods Orders, Housing prices and Consumer Confidence, and hopefully market will get some action then. As for the technical picture, the 4 hours chart presents a quite neutral stance, with price hovering around a flat 20 SMA and indicators steady around their midlines, lacking directional strength. The immediate support to follow is 1.6545, April this year low, with a break below it probably favoring a downward move towards the 1.6500 area, with a daily close below this last pointing for a stronger slide towards 1.6250 price zone over the upcoming sessions. Above 1.6600 on the other hand, 1.6650 comes as possible bullish target, as per several intraday highs and lows set around the level.
View Live Chart for GBP/USD
Over the US session, several macroeconomic readings will hit the wires, including Durable Goods Orders, Housing prices and Consumer Confidence, and hopefully market will get some action then. As for the technical picture, the 4 hours chart presents a quite neutral stance, with price hovering around a flat 20 SMA and indicators steady around their midlines, lacking directional strength. The immediate support to follow is 1.6545, April this year low, with a break below it probably favoring a downward move towards the 1.6500 area, with a daily close below this last pointing for a stronger slide towards 1.6250 price zone over the upcoming sessions. Above 1.6600 on the other hand, 1.6650 comes as possible bullish target, as per several intraday highs and lows set around the level.
View Live Chart for GBP/USD
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