31 Jul 2013
GBP/USD stabilizes near fresh 8-day lows above 1.52
FXstreet.com (Barcelona) - The GBP/USD foreign exchange rate is last quoted at 1.5237, off mid NY session fresh 8-day lows at 1.5222, down so far a -0.96% for the week, ahead of advance US GDP at 12:30 GMT.
GBP/USD with no signs of a recovery to start soon
“Still oversold according to the hourly chart, there are no signs an upward correction will start soon, as the pair stands a few pips away from lows,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart, price has broke below 200 EMA, a key barometer of market strength: only steady gains above 1.5270 will deny the possibility of further falls, while further slides should see the pair testing 1.5170 over the upcoming hours.”
GBP/USD key technical levels
Bednarik sees support levels at: 1.5220, 1.5170 and 1.5130, while resistance levels at: 1.5270, 1.5320 and 1.5370.
GBP/USD with no signs of a recovery to start soon
“Still oversold according to the hourly chart, there are no signs an upward correction will start soon, as the pair stands a few pips away from lows,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart, price has broke below 200 EMA, a key barometer of market strength: only steady gains above 1.5270 will deny the possibility of further falls, while further slides should see the pair testing 1.5170 over the upcoming hours.”
GBP/USD key technical levels
Bednarik sees support levels at: 1.5220, 1.5170 and 1.5130, while resistance levels at: 1.5270, 1.5320 and 1.5370.