10 Mar 2015
GBP resilience may prove short lived - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, explained that GBP/USD has been on a steady recovery path ever since the day started.
Key Quotes:
"The pair has set a 4-week low last Friday at 1.5031, posting one of its largest weekly declines in over six months."
"Nevertheless, and without relevant macroeconomic data coming from the UK until next Wednesday, the pair has managed to regain some ground, maintaining a short term bullish bias ahead of Asian opening."
"The 1 hour chart, shows that the price stands above a bullish 20 SMA whilst the indicators continue to head higher above their mid-lines, supporting some further advances."
"In the 4 hours chart however, the 20 SMA maintains a strong bearish slope, now acting as dynamic resistance around 1.5160, while the RSI indicator gains upward strength around 37 and the Momentum also heads higher, still below the 100 level."
"A recovery above the mentioned resistance may see the pair extending up to 1.5200/10, but it will take some follow through beyond this last to see the pair diminishing chances of resuming its slide."
Key Quotes:
"The pair has set a 4-week low last Friday at 1.5031, posting one of its largest weekly declines in over six months."
"Nevertheless, and without relevant macroeconomic data coming from the UK until next Wednesday, the pair has managed to regain some ground, maintaining a short term bullish bias ahead of Asian opening."
"The 1 hour chart, shows that the price stands above a bullish 20 SMA whilst the indicators continue to head higher above their mid-lines, supporting some further advances."
"In the 4 hours chart however, the 20 SMA maintains a strong bearish slope, now acting as dynamic resistance around 1.5160, while the RSI indicator gains upward strength around 37 and the Momentum also heads higher, still below the 100 level."
"A recovery above the mentioned resistance may see the pair extending up to 1.5200/10, but it will take some follow through beyond this last to see the pair diminishing chances of resuming its slide."