26 May 2015
GBP/USD needs a move above 1.5440 to ease downside pressure – FXStreet
FXStreet (Barcelona) - GBP/USD needs a recovery above 1.5440 to ease the downside pressure in the pair, while below 1.5370 will see declines towards 1.5320/30 levels, explains Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“Technically, the 4 hours chart shows that the price approaches the 61.8% retracement of the same rally around 1.5370, whilst the technical indicators head sharply south below their mid-lines, supporting additional declines, particularly if the mentioned Fibonacci support gives up: below 1.5370, the pair will likely extend its decline down to the 1.5320/30 price zone, whilst below this last, the next strong static support level stands around 1.5260.”
“The pair needs to recover above the 1.5440 level to shrug off the negative tone and be able to resume the upside, up to the 1.5480 price zone.”
Key Quotes
“Technically, the 4 hours chart shows that the price approaches the 61.8% retracement of the same rally around 1.5370, whilst the technical indicators head sharply south below their mid-lines, supporting additional declines, particularly if the mentioned Fibonacci support gives up: below 1.5370, the pair will likely extend its decline down to the 1.5320/30 price zone, whilst below this last, the next strong static support level stands around 1.5260.”
“The pair needs to recover above the 1.5440 level to shrug off the negative tone and be able to resume the upside, up to the 1.5480 price zone.”