9 Mar 2015
GBP/USD: Bears cashing in a cent off the lows
FXStreet (Guatemala) - GBP/USD is currently trading at 1.5124 with a high of 1.5138 and a low of 1.5032.
GBP/USD is struggling through the 1.5120 resistance vs the tracks of the landslide that came of last week's end of week business and jobs report from the United States. 1.5240 was the drop off point and 1.5030 was the pick up point where the bears cashed in until we were a cent higher. We have little from the UK now until next week although Carney will be speaking tomorrow while from the US docket we are awaiting towards the end of the week for more on jobs, retails sales and consumer confidence data.
Technically, Valeria Bednarik, chief analyst at FXStreet explained, "The 1 hour chart, shows that the price stands above a bullish 20 SMA whilst the indicators continue to head higher above their mid-lines, supporting some further advances. Further out, she said, "In the 4 hours chart however, the 20 SMA maintains a strong bearish slope, now acting as dynamic resistance around 1.5160, while the RSI indicator gains upward strength around 37 and the Momentum also heads higher, still below the 100 level. A recovery above the mentioned resistance may see the pair extending up to 1.5200/10, but it will take some follow through beyond this last to see the pair diminishing chances of resuming its slide."
GBP/USD is struggling through the 1.5120 resistance vs the tracks of the landslide that came of last week's end of week business and jobs report from the United States. 1.5240 was the drop off point and 1.5030 was the pick up point where the bears cashed in until we were a cent higher. We have little from the UK now until next week although Carney will be speaking tomorrow while from the US docket we are awaiting towards the end of the week for more on jobs, retails sales and consumer confidence data.
Technically, Valeria Bednarik, chief analyst at FXStreet explained, "The 1 hour chart, shows that the price stands above a bullish 20 SMA whilst the indicators continue to head higher above their mid-lines, supporting some further advances. Further out, she said, "In the 4 hours chart however, the 20 SMA maintains a strong bearish slope, now acting as dynamic resistance around 1.5160, while the RSI indicator gains upward strength around 37 and the Momentum also heads higher, still below the 100 level. A recovery above the mentioned resistance may see the pair extending up to 1.5200/10, but it will take some follow through beyond this last to see the pair diminishing chances of resuming its slide."