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

on Apr 3, 2014

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).


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