1 Dec 2014
GBP/USD struggling at 1.5630-40 level – FXStreet
FXStreet (Barcelona) - FXStreet Analyst and Editor, Omkar Godbole, notes that the GBP/USD pair is struggling near multiple resistance located at 1.5630-1.5640 levels in the hourly chart, and sees an hourly close below 1.56 levels activating the bears.
Key Quotes
“The GBP/USD pair ended lower on Friday at 1.5637 levels, after breaching the 5-DMA and the 10-DMA levels. The weakness was extended further today during the Asian session, although the pair has managed to bounce back from the 1.56 levels for the third time since mid-November. The pair currently trades at 1.5633 levels, with the daily RSI bearish at 35.72 levels.”
“Meanwhile, on the hourly chart, the pair is struggling near the multiple resistance located in 1.5630-1.5640 region, while the hourly RSI has recovered from the oversold zone. A fresh demand for Pounds can be anticipated once the pair rises above the 23.6% retracement level of the recent fall located at 1.5643.”
“Moreover, the hourly RSI to, would turn bullish above 50.00 levels once the pair breaches the resistance at 1.5643 levels. In such a case the upside is likely to be capped around the 5-DMA and the 10-DMA located at 1.5680-1.5705 levels.”
“On the other hand, the GBP bears are likely to wait for an hourly close below 1.56 levels.”
Key Quotes
“The GBP/USD pair ended lower on Friday at 1.5637 levels, after breaching the 5-DMA and the 10-DMA levels. The weakness was extended further today during the Asian session, although the pair has managed to bounce back from the 1.56 levels for the third time since mid-November. The pair currently trades at 1.5633 levels, with the daily RSI bearish at 35.72 levels.”
“Meanwhile, on the hourly chart, the pair is struggling near the multiple resistance located in 1.5630-1.5640 region, while the hourly RSI has recovered from the oversold zone. A fresh demand for Pounds can be anticipated once the pair rises above the 23.6% retracement level of the recent fall located at 1.5643.”
“Moreover, the hourly RSI to, would turn bullish above 50.00 levels once the pair breaches the resistance at 1.5643 levels. In such a case the upside is likely to be capped around the 5-DMA and the 10-DMA located at 1.5680-1.5705 levels.”
“On the other hand, the GBP bears are likely to wait for an hourly close below 1.56 levels.”