23 Oct 2014
GBP/USD slightly up after drop to 1.5995 low - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that GBP/USD, which fell to a daily low of 1.5998 following poor UK Retail Sales data is climbing again in the US session.
Key quotes
"It's maintaining a pretty negative short term tone according to the 1 hour chart: indicators aim slightly higher below their midlines, but 20 SMA caps the upside with it strong bearish slope."
"In the 4 hours chart, technical readings present a strong bearish bias, with the pair quoting around the 50% retracement of its latest bullish run."
"The 61.8% retracement of the same rally stands at 1.5995, meaning a break below it should lead to further falls with an initial target at 1.5940/50."
Key quotes
"It's maintaining a pretty negative short term tone according to the 1 hour chart: indicators aim slightly higher below their midlines, but 20 SMA caps the upside with it strong bearish slope."
"In the 4 hours chart, technical readings present a strong bearish bias, with the pair quoting around the 50% retracement of its latest bullish run."
"The 61.8% retracement of the same rally stands at 1.5995, meaning a break below it should lead to further falls with an initial target at 1.5940/50."