26 May 2015
GBP/USD: technicals supporting further declines – FXStreet
FXStreet (Barcelona) - GBP/USD technicals remain in favour of additional declines on a break below the daily low at 1.5359, according to Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The GBP/USD pair declined to a fresh 3-week low of 1.5383 early in the European session, having been unable to firm up above the 1.5400 figure until the release of US Durable Goods Orders, which sent the pair to a fresh low of 1.5359, with the price testing the 61.8% retracement of its latest daily bullish run.”
“The 1 hour chart shows that the technical indicators maintain their bearish slope, with the RSI in oversold territory, whilst the 20 SMA has extended its decline above the current level, and extended below the 50% retracement of the same rally around 1.5440, now a critical resistance level.”
“In the 4 hours chart, the price flirted with the 200 EMA, a few pips below the mentioned 61.8% retracement, whilst the technical indicators continue to head lower near oversold levels, supporting additional declines on a break below the mentioned low.”
“Support levels: 1.5360 1.5320 1.5260”
“Resistance levels: 1.5400 15440 1.5495”
Key Quotes
“The GBP/USD pair declined to a fresh 3-week low of 1.5383 early in the European session, having been unable to firm up above the 1.5400 figure until the release of US Durable Goods Orders, which sent the pair to a fresh low of 1.5359, with the price testing the 61.8% retracement of its latest daily bullish run.”
“The 1 hour chart shows that the technical indicators maintain their bearish slope, with the RSI in oversold territory, whilst the 20 SMA has extended its decline above the current level, and extended below the 50% retracement of the same rally around 1.5440, now a critical resistance level.”
“In the 4 hours chart, the price flirted with the 200 EMA, a few pips below the mentioned 61.8% retracement, whilst the technical indicators continue to head lower near oversold levels, supporting additional declines on a break below the mentioned low.”
“Support levels: 1.5360 1.5320 1.5260”
“Resistance levels: 1.5400 15440 1.5495”