6 Apr 2015
GBP/USD downward movement likely to continue – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team notes that GBP/USD technicals (daily charts) suggest possible entry of sellers ahead.
Key Quotes
“The GBP decreased steadily versus the USD since the mid of July 2014. The support line at 1.4998 was not strong enough as the price was able to break through it.”
“Now the support at 1.4726 is relevant. Nevertheless, the downward movement inside the trend channel is likely to continue although it could break through it recently.”
“The CCI is showing that the pair is moving in an overbought market area towards the Center line as a signal for the sellers.”
Key Quotes
“The GBP decreased steadily versus the USD since the mid of July 2014. The support line at 1.4998 was not strong enough as the price was able to break through it.”
“Now the support at 1.4726 is relevant. Nevertheless, the downward movement inside the trend channel is likely to continue although it could break through it recently.”
“The CCI is showing that the pair is moving in an overbought market area towards the Center line as a signal for the sellers.”