GBP/USD remains between the support of 1.6600 (S1)

By:
on Apr 3, 2014
Listen

GBP/USD remains between the support of 1.6600 (S1) and the resistance of 1.6700 (R1). I still expect the rate to move higher and challenge the 1.6700 (R1) bar, where a clear upward violation may drive the battle towards the next obstacle at 1.6760 (R2). In the bigger picture, the pair remains within the long-term upward slopping channel but I am concerned that the negative divergence between the uptrend and the daily momentum studies is still intact, indicating decelerating upside momentum.

Support: 1.6600 (S1), 1.6540 (S2), 1.6465 (S3).
Resistance: 1.6700 (R1), 1.6760 (R2), 1.6820 (R3).
 

Ad

Looking to capitalise on rising & falling USD, GBP, EUR rates? Trade forex in minutes with our top-rated broker, eToro.

10/10

77% of retail CFD accounts lose money.

Trade forex
GBP Forex