9 Dec 2014
GBP/USD still limited by 1.5700 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that cable eased from a daily high of 1.5694, losing its upward strength after quite disappointing manufacturing and industrial production data.
Key Quotes
“The 4 hours chart shows the pair stalled at a daily descendant trend line coming from October 28th daily high at 1.6182 whilst 20 SMA maintains a bearish slope a few pips below current price.”
“Indicators are barely above their midlines, lacking directional strength at the time being. The pair however has held so far above the 1.5610/20 support area, the key support to break to trigger a bearish run towards 1.5550/70 price zone.”
“A break above the high on the other hand, should lead to further advances, eyeing the 1.5740/60 price zone.”
Key Quotes
“The 4 hours chart shows the pair stalled at a daily descendant trend line coming from October 28th daily high at 1.6182 whilst 20 SMA maintains a bearish slope a few pips below current price.”
“Indicators are barely above their midlines, lacking directional strength at the time being. The pair however has held so far above the 1.5610/20 support area, the key support to break to trigger a bearish run towards 1.5550/70 price zone.”
“A break above the high on the other hand, should lead to further advances, eyeing the 1.5740/60 price zone.”