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11 Mar 2015
GBP/USD: Overall picture remains bearish - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, the overall picture in GBP/USD remains bearish, with a break below 1.5020 required to confirm a new leg lower.
Key Quotes
"The GBP/USD pair recovered from a daily low of 1.5028 posted early in the European morning, ending the day however, in the red. The lack of fundamental data in the UK alongside with the dollar broad strength and market aversion to risk, has kept the pair limited below the 1.5100 level."
"Short term, the 1 hour chart shows that the price failed to sustain gains above a mild bullish 20 SMA, whilst the Momentum and the RSI indicators turned lower and crossed their mid-lines to the downside, pointing to some additional declines."
"In the 4 hours chart the price approached its 20 SMA that anyway maintains a strong bearish slope currently around 1.5110, while the Momentum indicator is about to cross the 100 level to the upside, and the RSI turned lower around 34."
"The overall picture is bearish, albeit the pair needs to accelerate below the 1.5020 level to confirm a new leg south, aiming then for a test of the 1.4950 level, January this year monthly low."
Key Quotes
"The GBP/USD pair recovered from a daily low of 1.5028 posted early in the European morning, ending the day however, in the red. The lack of fundamental data in the UK alongside with the dollar broad strength and market aversion to risk, has kept the pair limited below the 1.5100 level."
"Short term, the 1 hour chart shows that the price failed to sustain gains above a mild bullish 20 SMA, whilst the Momentum and the RSI indicators turned lower and crossed their mid-lines to the downside, pointing to some additional declines."
"In the 4 hours chart the price approached its 20 SMA that anyway maintains a strong bearish slope currently around 1.5110, while the Momentum indicator is about to cross the 100 level to the upside, and the RSI turned lower around 34."
"The overall picture is bearish, albeit the pair needs to accelerate below the 1.5020 level to confirm a new leg south, aiming then for a test of the 1.4950 level, January this year monthly low."