27 Feb 2015
GBP/USD to extend decline towards 1.5376/80 today – AceTrader
FXStreet (Barcelona) - The AceTrader Team gives the technical setup for GBP/USD, expecting the pair to decline towards 1.5376/80 today, with 1.5333 limiting the downside.
Key Quotes
“Y'day's near term 'reversal' fm 1.5554 confirms recent erratic upmove fm Jan's fresh 17-month bottom has made a temporary top there n consolidation with downside bias is seen in the coming days.”
“A 'minimum' 38.2% of aforesaid upmove fm 1.4952 wud pressure the pound to 1.5324, this is just below this week's low at 1.5333 (Mon), Looking ahead, a daily close below 1.5333 wud bode ill for sterling n price wud be en route twd 1.5233 (50% r fm 1.4952) n then twd chart obj. at 1.5197."
“Therefore, in view of abv bearish scenario, selling cable on recovery in anticipation of resumption of decline is recommended n only abv 1.5500/10 wud dampen bearishness, risk possible re-test of 1.5554.”
“Today, although intra-day recovery at Asian open suggests initial consolidation is in store, reckon 1.5467 shud cap upside n yield another fall to 1.5376/80, however, reckon 1.5333 sup wud remain intact.”
Key Quotes
“Y'day's near term 'reversal' fm 1.5554 confirms recent erratic upmove fm Jan's fresh 17-month bottom has made a temporary top there n consolidation with downside bias is seen in the coming days.”
“A 'minimum' 38.2% of aforesaid upmove fm 1.4952 wud pressure the pound to 1.5324, this is just below this week's low at 1.5333 (Mon), Looking ahead, a daily close below 1.5333 wud bode ill for sterling n price wud be en route twd 1.5233 (50% r fm 1.4952) n then twd chart obj. at 1.5197."
“Therefore, in view of abv bearish scenario, selling cable on recovery in anticipation of resumption of decline is recommended n only abv 1.5500/10 wud dampen bearishness, risk possible re-test of 1.5554.”
“Today, although intra-day recovery at Asian open suggests initial consolidation is in store, reckon 1.5467 shud cap upside n yield another fall to 1.5376/80, however, reckon 1.5333 sup wud remain intact.”