28 Nov 2014
GBP/USD capped by 1.5825, falls to fresh daily lows
FXStreet (Córdoba) - The latest GBP/USD recovery attempt was short-lived and stalled at the 1.5725 zone, giving way to a fresh leg down.
After being rejected by from above 1.5700, GBP/USD lost nearly 50 pips and hit a new daily low of 1.5675 as investors continue to see short-term bounces as selling opportunities. At time of writing, Cable is trading at 1.5690, still 0.28% below its opening price.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes GBP/USD maintains a bearish tone in short-term charts supporting some further declines. “Acceleration below 1.5690 should lead to a test of the 1.5650 price zone, while if this latter gives up, 1.5610 comes next”, said the analyst. “To the upside, 1.5740 has become the resistance level to watch, with some follow-through above it required to see the pair approaching 1.5800”.
After being rejected by from above 1.5700, GBP/USD lost nearly 50 pips and hit a new daily low of 1.5675 as investors continue to see short-term bounces as selling opportunities. At time of writing, Cable is trading at 1.5690, still 0.28% below its opening price.
GBP/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes GBP/USD maintains a bearish tone in short-term charts supporting some further declines. “Acceleration below 1.5690 should lead to a test of the 1.5650 price zone, while if this latter gives up, 1.5610 comes next”, said the analyst. “To the upside, 1.5740 has become the resistance level to watch, with some follow-through above it required to see the pair approaching 1.5800”.