23 Dec 2014
GBP/USD may retest 1.5560 levels - FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole expects the GBP/USD pair to re-test 1.5560 levels, with technicals supporting the downside after the pair failed to rise above 1.56 levels in the Asian session.
Key Quotes
“The GBP/USD pair finished lower at 1.5580 levels, after having failed near the 5-DMA and 10-DMA levels on Monday. Again, not much action is being witnessed today as the pair continues to hover around 1.5585 levels, with the daily RSI bearish at 42.57 levels.”
“Meanwhile, the hourly chart shows, the pair struggled to rise above 1.56 levels in the Asian session, thereby opening doors for a re-test of the channel support located at 1.5560 levels.”
“Given the bearish daily as well as the hourly RSI, the pair is likely to see a break below 1.5560 levels and extend losses to 1.5539 levels.”
“On the other hand, a fresh demand for Pounds can be if the pair manages to rise above 1.56 levels. In such a case, the pair is likely to test the channel resistance located at 1.5648 levels.”
Key Quotes
“The GBP/USD pair finished lower at 1.5580 levels, after having failed near the 5-DMA and 10-DMA levels on Monday. Again, not much action is being witnessed today as the pair continues to hover around 1.5585 levels, with the daily RSI bearish at 42.57 levels.”
“Meanwhile, the hourly chart shows, the pair struggled to rise above 1.56 levels in the Asian session, thereby opening doors for a re-test of the channel support located at 1.5560 levels.”
“Given the bearish daily as well as the hourly RSI, the pair is likely to see a break below 1.5560 levels and extend losses to 1.5539 levels.”
“On the other hand, a fresh demand for Pounds can be if the pair manages to rise above 1.56 levels. In such a case, the pair is likely to test the channel resistance located at 1.5648 levels.”