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22 Sep 2014
GBP/USD rises modestly on Monday
FXStreet (Córdoba) - Cable is about to end Monday with a 70-pips gain, trading near the highs, against the US dollar. Price action moved most of the day sideways and GBP/USD climbed back toward the highs during the American session.
After finding support at 1.6320 on European hours, the pair bounced to the upside and rose to 1.6366 reaching a fresh daily high, 1 pip above previous highs.
GBP/USD technical outlook
According to Valeria Bednarik, Chief Analyst at FXStreet the pair remained steady on Monday, around the 50% Fibonacci retracement of early September bullish run.
“The hourly chart maintains a quite neutral stance, with indicators flat around their midlines and price a few pips above an also flat 20 SMA. In the 4 hours chart 20 SMA converges with the Fibonacci level, with price moving back and forth around it for the last 24 hours”, says Bednarik.
After finding support at 1.6320 on European hours, the pair bounced to the upside and rose to 1.6366 reaching a fresh daily high, 1 pip above previous highs.
GBP/USD technical outlook
According to Valeria Bednarik, Chief Analyst at FXStreet the pair remained steady on Monday, around the 50% Fibonacci retracement of early September bullish run.
“The hourly chart maintains a quite neutral stance, with indicators flat around their midlines and price a few pips above an also flat 20 SMA. In the 4 hours chart 20 SMA converges with the Fibonacci level, with price moving back and forth around it for the last 24 hours”, says Bednarik.