31 Jan 2014
Flash: GBP/USD bounces from weekly low - FXStreet
FXstreet.com (Barcelona) - Valeria Bednarik, FXstreet Chief Analyst notes that after extending its slide to a fresh week low of 1.6438, Pound bounces against the greenback.
Key Quotes
“In another risk off journey: Nikkei fell again, local share markets trade in red, and despite no local data has been released, EU head lines had been pretty discouraging in this Friday morning, with European inflation printing 0.7% in its annual reading.”
“The GBP/USD 4 hours chart shows price bouncing some after testing its 200 EMA around 1.6435, while indicators maintain a strong bearish momentum that supports another round of sell ahead. Current bounce however, delays the moment but as long as sellers defend the 1.6490/1.6500 area, the bearish tone will prevail.”
“A break below the MA should lead to a downward acceleration towards 1.6370/80 price zone, immediate short term support while once below it the pair is exposed towards 1.6250 price zone.”
Key Quotes
“In another risk off journey: Nikkei fell again, local share markets trade in red, and despite no local data has been released, EU head lines had been pretty discouraging in this Friday morning, with European inflation printing 0.7% in its annual reading.”
“The GBP/USD 4 hours chart shows price bouncing some after testing its 200 EMA around 1.6435, while indicators maintain a strong bearish momentum that supports another round of sell ahead. Current bounce however, delays the moment but as long as sellers defend the 1.6490/1.6500 area, the bearish tone will prevail.”
“A break below the MA should lead to a downward acceleration towards 1.6370/80 price zone, immediate short term support while once below it the pair is exposed towards 1.6250 price zone.”