16 Jan 2014
Flash: GBP/USD: upside contained, still eyeing 1.6250 - FXstreet
FXstreet.com (Barcelona) - Valeria Bednarik, Chief Analyst at FXstreet.com, notes that the GBP/USD has failed on its attempts to recover ground over the last few sessions.
Key Quotes
“(GBP/USD, found) sellers in the 1.6370 area, and is still bearish after having reached a lower low for the week early Europe, at 1.6313.”
“As for the fundamental side, there has not been data from the UK affecting the pair. Technically, the bearish tone prevails, as the 4 hours chart shows 20 SMA gaining a strong bearish slope above current price, while indicators head south in negative territory, retracing from their midlines.”
“Another downward acceleration below 1.6310 should signal further slides, eyeing the 1.6250 strong static support level. The upside seems well contained by mentioned 1.6370 area, and if above, the pair may attempt more gains towards 1.6410, where another round of sellers is expected to halt further advances.”
Key Quotes
“(GBP/USD, found) sellers in the 1.6370 area, and is still bearish after having reached a lower low for the week early Europe, at 1.6313.”
“As for the fundamental side, there has not been data from the UK affecting the pair. Technically, the bearish tone prevails, as the 4 hours chart shows 20 SMA gaining a strong bearish slope above current price, while indicators head south in negative territory, retracing from their midlines.”
“Another downward acceleration below 1.6310 should signal further slides, eyeing the 1.6250 strong static support level. The upside seems well contained by mentioned 1.6370 area, and if above, the pair may attempt more gains towards 1.6410, where another round of sellers is expected to halt further advances.”