GBP/USD: waiting for a range break
July 27th, 2011
Pair has been trading in a quite limited range since late Wednesday, having hovered in between 1.6300 and 1.6360 area, lacking clear direction so far. However, the 4 hours chart shows an increasing bearish momentum while 20 SMA is keeping the upside capped, supporting a bearish continuation rally for the cross: watch for a break below 1.6270 strong support area to trigger a deeper fall near the 1.6200/20 price zone.
The upside needs at least a 4 hours candle opening above 1.6360, also above 20 SMA, not seen for today, to push price higher towards the 1.6430/50 price zone.
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