7 Feb 2014
Flash: GBP/USD probable bottom developing - FXStreet
FXStreet (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that GBP/USD recovered quickly after testing 1.6300 on disappointing UK manufacturing and industrial production figures, holding around 1.6340 where sellers stand since earlier this week.
Key Quotes
“Ahead of US employment figures, the 4 hours chart shows a slightly positive tone coming from the pair, as indicators struggle to overcome their midlines and price stands above its 20 SMA, that aims to regain the upside, currently around 1.6310.”
“The pair seems to have found an interim bottom in the 1.6250 support, and may be ready for a move higher, at least corrective: a price acceleration above 1.3660 should lead to an advance towards 1.6410, where 200 EMA should offer intraday resistance. If the pair recovers above this last, the upward movement should become even stronger, eyeing then 1.6450/60 price zone.”
“However, renewed selling interest below 1.6290 will keep the pressure to the downside towards 1.6250, while once below it, 1.6200/20 area is next probable bearish target for today.”
Key Quotes
“Ahead of US employment figures, the 4 hours chart shows a slightly positive tone coming from the pair, as indicators struggle to overcome their midlines and price stands above its 20 SMA, that aims to regain the upside, currently around 1.6310.”
“The pair seems to have found an interim bottom in the 1.6250 support, and may be ready for a move higher, at least corrective: a price acceleration above 1.3660 should lead to an advance towards 1.6410, where 200 EMA should offer intraday resistance. If the pair recovers above this last, the upward movement should become even stronger, eyeing then 1.6450/60 price zone.”
“However, renewed selling interest below 1.6290 will keep the pressure to the downside towards 1.6250, while once below it, 1.6200/20 area is next probable bearish target for today.”