1 May 2015
GBP/USD: pressure remains on the downside while below 1.5362 – CharmerCharts
FXStreet (Barcelona) - According to Carol Harmer of CharmerCharts, current GBP/USD upside is only a part of a correction, and downside pressure will remain on the pair while below 1.5362.
Key Quotes
“Cable has double topped on both the daily and 60 min charts with bearish stochastics now...we have already been down to the 50% short term fib of 1.5302 and currently hovering below the 38.2% fib.”
“I think then that today we are going to see further downside moves in this market.”
“Unless we break back above 1.5362 the pressure will be on the downside, especially with Europe being on holiday....So although we have been in an uptrend in April look where we have come from at 1.7200 since July and therefore currently I think we are in a correction rather than the start of a bull run.”
“I think that over the course of today and Monday there is scope for the market to retract to 1.5276/56.”
Key Quotes
“Cable has double topped on both the daily and 60 min charts with bearish stochastics now...we have already been down to the 50% short term fib of 1.5302 and currently hovering below the 38.2% fib.”
“I think then that today we are going to see further downside moves in this market.”
“Unless we break back above 1.5362 the pressure will be on the downside, especially with Europe being on holiday....So although we have been in an uptrend in April look where we have come from at 1.7200 since July and therefore currently I think we are in a correction rather than the start of a bull run.”
“I think that over the course of today and Monday there is scope for the market to retract to 1.5276/56.”