17 Dec 2014
GBP/USD likely to break below 1.5720 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that the GBP/USD pair is likely break below 1.5720 levels, supported by a struggling RSI at 50, after it failed to sustain gains at 1.5755 levels.
Key Quotes
“The GBP/USD pair finished higher on Tuesday at 1.5737 levels; narrowly failing to breach the falling trend line resistance on the daily chart located at 1.5740.”
“A similar action is being witnessed today as the pair trades lower at 1.5725, after failing to sustain gains at the day high of 1.5755 levels. Despite the sharp rebound witnessed yesterday, the daily RSI is still struggling to rise above the 50.00 levels.”
“Meanwhile, on the hourly chart, 1.5720 has acted as a strong support since yesterday, while the hourly RSI is hovering just above 50.00 levels. Thus, a break below 1.5720 is more likely, which shall push the pair down to 1.5680 levels.”
“On the other hand, GBP bulls would come-in strong above the day high of 1.5756, which could lead to a re-test of 1.5787 levels.”
Key Quotes
“The GBP/USD pair finished higher on Tuesday at 1.5737 levels; narrowly failing to breach the falling trend line resistance on the daily chart located at 1.5740.”
“A similar action is being witnessed today as the pair trades lower at 1.5725, after failing to sustain gains at the day high of 1.5755 levels. Despite the sharp rebound witnessed yesterday, the daily RSI is still struggling to rise above the 50.00 levels.”
“Meanwhile, on the hourly chart, 1.5720 has acted as a strong support since yesterday, while the hourly RSI is hovering just above 50.00 levels. Thus, a break below 1.5720 is more likely, which shall push the pair down to 1.5680 levels.”
“On the other hand, GBP bulls would come-in strong above the day high of 1.5756, which could lead to a re-test of 1.5787 levels.”