8 Apr 2015
GBP/USD: Bearish indicators - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding GBP/USD overnight.
Key Quotes:
"The British Pound battled against dollar's strength early in the European morning, with the pair surging towards the 1.4920 after the release of the UK Markit Services PMI, showing services growth accelerated in March, rising to 58.9. But the GBP/USD pair finally capitulated after faltering around the mentioned resistance level, reaching fresh daily lows in the 1.4820 region during the American afternoon."
"The Pound remains unattractive due to upcoming May elections, as market speculates there won't be a clear winner and there are chances of a hung Parliament."
"Technically, the short term outlook is bearish, as the price extended below a bearish 20 SMA, currently in the 1.4880 level, whilst the technical indicators maintain strong bearish slopes below their mid-lines. In the 4 hours chart, the price extended below a flat 20 SMA, whilst the technical indicators are crossing their mid-lines towards the downside, supporting the shorter term view."
Key Quotes:
"The British Pound battled against dollar's strength early in the European morning, with the pair surging towards the 1.4920 after the release of the UK Markit Services PMI, showing services growth accelerated in March, rising to 58.9. But the GBP/USD pair finally capitulated after faltering around the mentioned resistance level, reaching fresh daily lows in the 1.4820 region during the American afternoon."
"The Pound remains unattractive due to upcoming May elections, as market speculates there won't be a clear winner and there are chances of a hung Parliament."
"Technically, the short term outlook is bearish, as the price extended below a bearish 20 SMA, currently in the 1.4880 level, whilst the technical indicators maintain strong bearish slopes below their mid-lines. In the 4 hours chart, the price extended below a flat 20 SMA, whilst the technical indicators are crossing their mid-lines towards the downside, supporting the shorter term view."