Wednesday, October 21, 2015

GBP/USD: bears committed at cloud top

FXStreet (Guatemala) - GBP/USD is currently trading at 1.5441 with a high of 1.5507 and low of 1.5438.

GBP/USD has been weighted to the downside today with the 1.55 handle attracting supply once again. BOE's Governor Carney testimony was a disappointment in respect of price action and impetus and the major is now trading below the hourly 20 SMA in a broad consolidation of the upside from the start of October's rally from 1.5120 territory.

GBP/USD levels

Technically, Valeria Bednarik, explained that, "In the 4 hours chart, the technical outlook is also neutral, with the technical indicators flat and the price a couple of pips above a directionless 20 SMA". On a longer time frame, the 1.5658/90 level at the top of the range cannot be ruled out on a break of 1.5490 top of cloud and 1.5540. To the downside, 1.5280 opens up 1.5200 and the 1.5108 low of the range.
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