13 Jan 2015
GBP/USD likely to see a sell-off towards 1.51 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, anticipates that GBP/USD might see a sell-off towards 1.51 levels if it breaks the support at 1.5152.
Key Quotes
“The GBP/USD pair recovered losses on Monday to finish at 1.5178, although momentum once again faded away as it neared 1.52 levels. Similar action was seen in the Asian session today wherein the pair reversed course from 1.5194 and headed lower towards the current level of 1.5155.”
“Meanwhile, on the hourly charts, the repeated failure around 1.52 levels has pushed the hourly RSI below 50.00 levels indicating further sell-off in the pair. Thus, the pair is likely to see a sharp sell-off towards 1.51 levels once it breaches the hourly 50-SMA support located at 1.5152.”
“On the other hand, GBP bulls are likely to wait on the sidelines till the pair trades below 1.52 levels.”
Key Quotes
“The GBP/USD pair recovered losses on Monday to finish at 1.5178, although momentum once again faded away as it neared 1.52 levels. Similar action was seen in the Asian session today wherein the pair reversed course from 1.5194 and headed lower towards the current level of 1.5155.”
“Meanwhile, on the hourly charts, the repeated failure around 1.52 levels has pushed the hourly RSI below 50.00 levels indicating further sell-off in the pair. Thus, the pair is likely to see a sharp sell-off towards 1.51 levels once it breaches the hourly 50-SMA support located at 1.5152.”
“On the other hand, GBP bulls are likely to wait on the sidelines till the pair trades below 1.52 levels.”