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15 May 2015
GBP/USD: short-term bearish below 1.5710 – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, technicals support a downward correction in GBP/USD, further expecting a move below 1.5710 to lead to 1.5650 and then 1.5600.
Key Quotes
“….the 4 hours chart supports a downward correction, as the price approaches its 20 SMA, currently at 1.5715, the immediate support. The Momentum indicator extended its decline towards its mid-line, whilst the RSI finally turned south below 70.”
“A break below 1.5710 should then see the pair extending its bearish correction, eyeing first 1.5650, whilst a break below this last should see the price extending down to the 1.5600 figure."
“To the upside, 1.5780 is the immediate resistance, and some follow through above it is required to see the pair recovering its bullish strength, and look for fresh highs for the year in the 1.5840/60 price zone.”
Key Quotes
“….the 4 hours chart supports a downward correction, as the price approaches its 20 SMA, currently at 1.5715, the immediate support. The Momentum indicator extended its decline towards its mid-line, whilst the RSI finally turned south below 70.”
“A break below 1.5710 should then see the pair extending its bearish correction, eyeing first 1.5650, whilst a break below this last should see the price extending down to the 1.5600 figure."
“To the upside, 1.5780 is the immediate resistance, and some follow through above it is required to see the pair recovering its bullish strength, and look for fresh highs for the year in the 1.5840/60 price zone.”