FXStreet (Barranquilla) – The British pound continues to trade sideways against the US Dollar as investors were missing in action the last day of the week. The GBP/USD has been trading in range between 1.5715 and 1.5760.
The GBP/USD is performing its fifth negative day in the last six; since June 19 high of 1.5900, the pair declined 235 pips to June 24 low of 1.5665; then the British pound bounced back to trade at 1.5735 against the US Dollar and
Currently, GBP/USD is trading at 1.5737, down 0.07% on the day, having posted a daily high at 1.5770 and low at 1.5709. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bearish.
The GBP/USD is closing its first negative week after two positive rounds. Now testing its 200-week MA level at 1.5870.
GBP/USD Forecast
According to the latest GBP/USD Forecast Poll, the GBP/USD would experience limited gains below 1.6000 before turning bearish: “investors are eyeing now a pullback towards 1.55, within this month.”
Richard Perry from Hantec Market comments that “technically the longer term outlook is now improving and dips are being seen as a chance to buy.” Yohay Elam from ForexCrunch agrees: “The pound suffered of late, but is ready to show its strength again, thanks to a hawkish BOE.”
GBP/USD levels
If the pair manages to break the range to the upside, it will find resistances at 1.5750, 1.5775 and 1.5800. To the downside, supports are at 1.5725, 1.5705 and 1.5690.
(Market News Provided by FXstreet)