30 Jan 2015
GBP/USD might retest 1.5018 levels – AceTrader
FXStreet (Barcelona) - The AceTrader Team views GBP/USD might consolidate before heading lower to retest the 1.5018 low, further expecting a break below 1.4952 to lead the pair towards 1.4910 levels.
Key Quotes
“Looking at the hourly n daily charts, despite the pound's rally fm last Fri's fresh 17-mth trough of 1.4952 to 1.5223 Wed, subsequent sell off to 1.5018 y'day signals said correction has ended n consolidation with downside bias is seen for a re-test of said sup next week after consolidation.”
“Looking ahead, a breach of 1.4952 wud confirms MT decline fm 2014 peak at 1.7192 (Jul) to correct the LT rise fm 1.3500 (2009 low in Jan) has resumed n further weakness to 1.4910 wud be seen, this is the 61.8% r of 1.3500-1.7192 wud follow, however, reckon 2013 bottom at 1.4814 wud hold.”
“Failure to penetrate 1.4952 n subsequent rise back abv 1.5223 wud bring another leg of correction to upside chart objectives at 1.5270 n then 1.5320 (Jan 14 n Jan 5 highs respectively).”
“Today, although intra-day rebound suggests initial consolidation is seen , selling on recovery for one more fall is favoured. Abv 1.5163 aborts, 1.5523.”
Key Quotes
“Looking at the hourly n daily charts, despite the pound's rally fm last Fri's fresh 17-mth trough of 1.4952 to 1.5223 Wed, subsequent sell off to 1.5018 y'day signals said correction has ended n consolidation with downside bias is seen for a re-test of said sup next week after consolidation.”
“Looking ahead, a breach of 1.4952 wud confirms MT decline fm 2014 peak at 1.7192 (Jul) to correct the LT rise fm 1.3500 (2009 low in Jan) has resumed n further weakness to 1.4910 wud be seen, this is the 61.8% r of 1.3500-1.7192 wud follow, however, reckon 2013 bottom at 1.4814 wud hold.”
“Failure to penetrate 1.4952 n subsequent rise back abv 1.5223 wud bring another leg of correction to upside chart objectives at 1.5270 n then 1.5320 (Jan 14 n Jan 5 highs respectively).”
“Today, although intra-day rebound suggests initial consolidation is seen , selling on recovery for one more fall is favoured. Abv 1.5163 aborts, 1.5523.”