5 Jan 2015
GBP/USD bearish momentum is strong – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, GBP/USD technicals continue to point towards a building bearish momentum as the pair trades below near the 1.52 handle.
Key Quotes
“The GBP/USD extended its decline towards the 1.5200 level where its stands, pressuring a long term ascendant trend line coming from 1.3501, September 2001 monthly low.”
“Worse than expected UK Construction PMI alongside with dollar strong advance earlier on the day, maintain the risk to the downside in the pair.”
“Technically, the 1 hour chart shows that the price failed to advance after testing its 20 SMA now around 1.5280, whilst indicators maintain their bearish slope well into negative territory.”
“In the 4 hours chart there’s also a strong bearish momentum coming from technical readings, with 1.5170 now as immediate support.”
Key Quotes
“The GBP/USD extended its decline towards the 1.5200 level where its stands, pressuring a long term ascendant trend line coming from 1.3501, September 2001 monthly low.”
“Worse than expected UK Construction PMI alongside with dollar strong advance earlier on the day, maintain the risk to the downside in the pair.”
“Technically, the 1 hour chart shows that the price failed to advance after testing its 20 SMA now around 1.5280, whilst indicators maintain their bearish slope well into negative territory.”
“In the 4 hours chart there’s also a strong bearish momentum coming from technical readings, with 1.5170 now as immediate support.”