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26 Feb 2014
Flash: GBP/USD consolidating gains - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that GBP/USD is little changed from previous updates, and the pair consolidates its latest gains around 1.6690 Fibonacci level, still unable to advance albeit clearly bullish.
Key Quotes
“Latest data show UK Q2 estimated GDP came out in line with expectations of a 0.7% growth. But price action remains subdue: majors continue consolidating in tight ranges, frozen by risk aversion due to geopolitical crisis, and ahead of a new month start with Central Banks included.”
“The 4 hours chart shows a slightly positive tone with indicators heading slightly higher above their midlines and price above its 20 SMA, currently around 1.6655, offering short term intraday support. As long as above the level, the upside is favored, with a price acceleration above daily high of 1.6700 pointing for a test of 1.6745 static resistance zone.”
“Below 1.6650 on the other hand, the upside is denied with the pair looking then for a test of the 1.6600 figure, 38.2% retracement of the latest bullish run.”
Key Quotes
“Latest data show UK Q2 estimated GDP came out in line with expectations of a 0.7% growth. But price action remains subdue: majors continue consolidating in tight ranges, frozen by risk aversion due to geopolitical crisis, and ahead of a new month start with Central Banks included.”
“The 4 hours chart shows a slightly positive tone with indicators heading slightly higher above their midlines and price above its 20 SMA, currently around 1.6655, offering short term intraday support. As long as above the level, the upside is favored, with a price acceleration above daily high of 1.6700 pointing for a test of 1.6745 static resistance zone.”
“Below 1.6650 on the other hand, the upside is denied with the pair looking then for a test of the 1.6600 figure, 38.2% retracement of the latest bullish run.”