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3 Jun 2015
GBP/USD: 200hr MA capping its come back
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5326 with a high of 1.5376 and a low of 1.5249.
GBP/USD has been drifting to the downside since its recovery from 1.5250, when it dropped from 1.5365 overnight and back away from the 200 hour MA. The UK offered poor services PMI's at a 5-month low in the sharpest decline in four years ahead of the BoE this week.
However, the recovery has been just as impressive offering good two way business and the major has back up to test the 200hr MA but failing there once again. Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart momentum indicators aim higher above 100. "In this last time frame, the RSI indicator has already turned lower around 50, supporting the shorter term view and limiting the upside."
GBP/USD has been drifting to the downside since its recovery from 1.5250, when it dropped from 1.5365 overnight and back away from the 200 hour MA. The UK offered poor services PMI's at a 5-month low in the sharpest decline in four years ahead of the BoE this week.
However, the recovery has been just as impressive offering good two way business and the major has back up to test the 200hr MA but failing there once again. Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart momentum indicators aim higher above 100. "In this last time frame, the RSI indicator has already turned lower around 50, supporting the shorter term view and limiting the upside."