European currencies have managed to regain most of the ground lost yesterday this Thursday, although GBP is underperforming compared to the EUR, with the first capped below 1.6220 resistance against the USD, and the second advancing to fresh year highs. Nevertheless, the push higher in GBP/USD has been enough to put price above 1.6170, 23.6% retracement of its latest daily bullish run. In the 4 hours chart, 20 SMA stands flat around mentioned Fibonacci support, while indicators aim higher above their midlines, still not showing enough upward strength.
Price needs to ease below 1.6150 base to confirm a downward continuation today, with a first sign of bearish potential being a price acceleration below 1.6170 and with a target of 1.6115. Still not clear to the upside, resistances stand in the short term at 1.6220 and 1.6255 with steady gains above this last favoring an advance towards 1.6310.
Price needs to ease below 1.6150 base to confirm a downward continuation today, with a first sign of bearish potential being a price acceleration below 1.6170 and with a target of 1.6115. Still not clear to the upside, resistances stand in the short term at 1.6220 and 1.6255 with steady gains above this last favoring an advance towards 1.6310.
