GBP/USD: upside limited short-term by 1.2860

Valeria Bednarik FXStreet

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.

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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

View Live Chart for the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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