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19 May 2014
GBP/USD re-visits 1.6830 resistance
FXStreet (Bali) - GBP/USD is trading with no impetus after a slow grind higher ine arly Asia, which saw the pair move from 1.6810 to 1.6830 before stalling near highs.
According to Sean Lee, Founder at FXWW: "GBP long positioning is at quite significant levels in both the professional and retail markets and the GBP bulls might struggle to generate any significant momentum unless the CPI and retail sales data sets are particularly bullish on the UK economy."
Technically, Valeria Bednarik Chief Analyst at FXStreet, notes: "Pound presents a slightly positive tone against the greenback, starting the week holding above the daily descendant trend line broke on Friday and its 20 SMA in the hourly chart, albeit indicators are turning lower in positive territory, limiting the upward potential in the short term."
According to Sean Lee, Founder at FXWW: "GBP long positioning is at quite significant levels in both the professional and retail markets and the GBP bulls might struggle to generate any significant momentum unless the CPI and retail sales data sets are particularly bullish on the UK economy."
Technically, Valeria Bednarik Chief Analyst at FXStreet, notes: "Pound presents a slightly positive tone against the greenback, starting the week holding above the daily descendant trend line broke on Friday and its 20 SMA in the hourly chart, albeit indicators are turning lower in positive territory, limiting the upward potential in the short term."