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8 Jan 2014
GBP/USD remains capped by 10 DMA
FXstreet.com (Córdoba) - The GBP/USD has advanced modestly Wednesday challenging broad based dollar strength, although the pair is faltering at the 1.6435/40 zone once again.
Having climbed more than 50 pips from daily lows, the GBP/USD reached a high of 1.6433 during the European session but stalled a few pips shy of this week's highs and the 10-day SMA at 1.6437/39. At time of writing, the Cable is trading at the 1.6425 area, recording a 0.1% gain Wednesday, following 2 flat days.
GBP/USD technical perspective
"Still in the consolidation pattern above 1.6336 low and the outlook on the senior frames remains bearish, for a slide towards 1.6240 major support", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial resistance on the upside is projected at 1.6470".
Having climbed more than 50 pips from daily lows, the GBP/USD reached a high of 1.6433 during the European session but stalled a few pips shy of this week's highs and the 10-day SMA at 1.6437/39. At time of writing, the Cable is trading at the 1.6425 area, recording a 0.1% gain Wednesday, following 2 flat days.
GBP/USD technical perspective
"Still in the consolidation pattern above 1.6336 low and the outlook on the senior frames remains bearish, for a slide towards 1.6240 major support", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial resistance on the upside is projected at 1.6470".