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13 Mar 2015
GBP/USD downside risk towards 1.4770 – FXStreet
FXStreet (Barcelona) - Technical indicators maintain the bearish tone for GBP/USD, notes Valeria Bednarik, Chief Analyst at FXStreet, and further views that a break below the daily low at 1.4807 would lead to further decline towards 1.4770.
Key Quotes
“The GBP/USD pair has extended its decline, down to 1.4807, level not seen since June 2010, before bouncing some, albeit maintaining a strong bearish bias”
“From a technical point of view, the 4 hours chart shows that the price has extended further below a bearish 20 SMA, currently around 1.4990, quite irrelevant considering current price, whilst the technical indicators maintain their strong bearish slopes, despite being in oversold territory.”
“The 1.4850 level comes as the immediate resistance, with a recovery above it probably favoring an upward corrective movement. Nevertheless, sellers will likely halt the advance around the 1.4880/1.4900 price zone.”
“A break below the daily low on the other hand, should see the sell-off extending, with the next short term support at 1.4770.”
Key Quotes
“The GBP/USD pair has extended its decline, down to 1.4807, level not seen since June 2010, before bouncing some, albeit maintaining a strong bearish bias”
“From a technical point of view, the 4 hours chart shows that the price has extended further below a bearish 20 SMA, currently around 1.4990, quite irrelevant considering current price, whilst the technical indicators maintain their strong bearish slopes, despite being in oversold territory.”
“The 1.4850 level comes as the immediate resistance, with a recovery above it probably favoring an upward corrective movement. Nevertheless, sellers will likely halt the advance around the 1.4880/1.4900 price zone.”
“A break below the daily low on the other hand, should see the sell-off extending, with the next short term support at 1.4770.”