18 Dec 2014
GBP/USD struggling to rise above 1.56 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that the GBP/USD pair is struggling to rise above 1.56 levels, thus making for a re-test of 1.5550-1.5530 levels likely.
Key Quotes
“The GBP/USD pair finished lower on Wednesday at 1.5571 levels, after facing rejection near the channel resistance on the daily chart during the European session yesterday. However, the pair did manage to end above the channel support on daily chart located at 1.5545. Consequently, the pair is trading marginally up today at 1.5587, with the daily RSI bearish at 41.46 levels.”
“Meanwhile, on the hourly chart, the pair is struggling to rise above 1.56 levels. The hourly RSI too, is bearish at 35.49 levels. Thus, the pair is likely to re-test 1.5550-1.5530 levels today. A fresh demand for Pounds can be seen around those levels, although gains are likely to be capped around 1.5640 levels.”
“On the other hand, a break below 1.5539, shall open doors for 1.5428 levels.”
Key Quotes
“The GBP/USD pair finished lower on Wednesday at 1.5571 levels, after facing rejection near the channel resistance on the daily chart during the European session yesterday. However, the pair did manage to end above the channel support on daily chart located at 1.5545. Consequently, the pair is trading marginally up today at 1.5587, with the daily RSI bearish at 41.46 levels.”
“Meanwhile, on the hourly chart, the pair is struggling to rise above 1.56 levels. The hourly RSI too, is bearish at 35.49 levels. Thus, the pair is likely to re-test 1.5550-1.5530 levels today. A fresh demand for Pounds can be seen around those levels, although gains are likely to be capped around 1.5640 levels.”
“On the other hand, a break below 1.5539, shall open doors for 1.5428 levels.”