12 Jan 2015
GBP/USD likely to test 1.5131 support – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, technicals suggest that GBP/USD is likely to test the support at 1.5131 levels today, and expects losses to be capped around 1.51 levels.
Key Quotes
“The recovery in the GBP/USD pair witnessed on Friday and during the early Asian trade today appears to have exhausted since the pair has erased gains to trade at 1.5167 levels.”
“On the hourly charts, the pair is seen moving in an upward channel, with the hourly RSI bullish at 60.40 levels. Moreover, the hourly RSI has breached the rising trend line, indicating more downside move in the pair. Thus, the pair is more likely to test the channel support located at 1.5131 levels today. Such a move would also push the hourly RSI below 50.00 levels, although losses are likely to be capped around 1.51 levels.”
“On the other hand, a fresh demand for Pounds can be anticipated once the pair rises above the channel resistance located at 1.5218 levels. In this case, the pair could re-test hourly 200-SMA located at 1.5296 levels.”
Key Quotes
“The recovery in the GBP/USD pair witnessed on Friday and during the early Asian trade today appears to have exhausted since the pair has erased gains to trade at 1.5167 levels.”
“On the hourly charts, the pair is seen moving in an upward channel, with the hourly RSI bullish at 60.40 levels. Moreover, the hourly RSI has breached the rising trend line, indicating more downside move in the pair. Thus, the pair is more likely to test the channel support located at 1.5131 levels today. Such a move would also push the hourly RSI below 50.00 levels, although losses are likely to be capped around 1.51 levels.”
“On the other hand, a fresh demand for Pounds can be anticipated once the pair rises above the channel resistance located at 1.5218 levels. In this case, the pair could re-test hourly 200-SMA located at 1.5296 levels.”