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12 Jul 2013
GBP/USD edges below daily pivot support
FXstreet.com (Barcelona) - Having declined into the European session, GBPUSD found support at the daily pivot point during what is a quite uneventful morning for economic data.
The pair dipped 66 pips from its overnight high at 1.5189, to post a morning low at 1.5123 before edging higher to find support at the daily pivot at 1.5134. However, despite a period of calm, momentum looks to remain to the downside with spot moving lower to where it is currently trading at 1.5120. Emmanuel Ng of OCBC Bank feels that investors may remain suspicious of excessive upside in the pair in the interim, given that the BOE remains inherently more dovish relative to the Fed.
GBP/USD technically bearish
Looking at hourly oscillators, we can see that stochastics are in oversold territory while RSI is at 46 and moving with a downside bias. Upcoming support can be found at 1.5045 and 1.4907, with resistance at 1.5134 and 1.5272. The FXstreet.com Trend Index is currently strongly bearish.
The pair dipped 66 pips from its overnight high at 1.5189, to post a morning low at 1.5123 before edging higher to find support at the daily pivot at 1.5134. However, despite a period of calm, momentum looks to remain to the downside with spot moving lower to where it is currently trading at 1.5120. Emmanuel Ng of OCBC Bank feels that investors may remain suspicious of excessive upside in the pair in the interim, given that the BOE remains inherently more dovish relative to the Fed.
GBP/USD technically bearish
Looking at hourly oscillators, we can see that stochastics are in oversold territory while RSI is at 46 and moving with a downside bias. Upcoming support can be found at 1.5045 and 1.4907, with resistance at 1.5134 and 1.5272. The FXstreet.com Trend Index is currently strongly bearish.