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23 Jan 2015
GBP/USD steady below 1.5000 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, comments that technicals continue to favour the downside for GBP/USD, with the pair expected to drop towards 1.4920 and then 1.4860 levels on a break below the daily low at 1.4954.
Key Quotes
“The GBP/USD pair trades steady below the 1.5000 figure broken late US Thursday session, extending its decline down to 1.4954 so far today, level not seen since July 2013. Strong UK Retail Sales figures that unexpectedly rose in December up 0.4% against a 0.6% drop expected.“
“Nevertheless, the technical picture continues to favor the downside, with the 4 hours chart showing lower lows and lower highs in today’s candles, whilst indicators maintain a negative tone below their midlines. A break through the mentioned daily low should lead to a quick slide towards the 1.4920 figure, while a break below this last exposes the 1.4860 price zone.”
“Sellers should appear if the price manages to recover up to 1.5025 immediate resistance, with a break above it favoring a short term recovery up to 1.5060 price zone.”
Key Quotes
“The GBP/USD pair trades steady below the 1.5000 figure broken late US Thursday session, extending its decline down to 1.4954 so far today, level not seen since July 2013. Strong UK Retail Sales figures that unexpectedly rose in December up 0.4% against a 0.6% drop expected.“
“Nevertheless, the technical picture continues to favor the downside, with the 4 hours chart showing lower lows and lower highs in today’s candles, whilst indicators maintain a negative tone below their midlines. A break through the mentioned daily low should lead to a quick slide towards the 1.4920 figure, while a break below this last exposes the 1.4860 price zone.”
“Sellers should appear if the price manages to recover up to 1.5025 immediate resistance, with a break above it favoring a short term recovery up to 1.5060 price zone.”