27 May 2015
GBP/USD: 1.5260 o the horizon below 1.5440 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the British Pound fell to a fresh 3-week low against the greenback.
Key Quotes:
"With the pair briefly falling below 1.5360, the 61.8% retracement of the latest daily bullish run, before recovering some ground, but overall maintaining a short term bearish bias, as the price was unable to recover above former lows in the 1.5440 region, the 50% retracement of the same rally."
"The expectations for Retail Sales in the UK for next month stand at their highest for 27 years according to the CBI's latest quarterly survey, which prevented a sharper intraday decline in the GBP/USD pair. Technically, the 1 hour chart shows that the price remains below a bearish 20 SMA, while the technical indicators are turning lower below their mid-lines after a limited upward correction."
"In the 4 hours chart the price stalled right at its 200 EMA at 1.5353 usually a strong dynamic support, whilst the 20 SMA gained bearish slope above the current price. The technical indicators however, have lost their downward strength and point for a limited upward corrective movement near oversold levels."
"Nevertheless, as long as the price holds below the mentioned 1.5440 level, the downside is favored towards the 1.5260 level."
Key Quotes:
"With the pair briefly falling below 1.5360, the 61.8% retracement of the latest daily bullish run, before recovering some ground, but overall maintaining a short term bearish bias, as the price was unable to recover above former lows in the 1.5440 region, the 50% retracement of the same rally."
"The expectations for Retail Sales in the UK for next month stand at their highest for 27 years according to the CBI's latest quarterly survey, which prevented a sharper intraday decline in the GBP/USD pair. Technically, the 1 hour chart shows that the price remains below a bearish 20 SMA, while the technical indicators are turning lower below their mid-lines after a limited upward correction."
"In the 4 hours chart the price stalled right at its 200 EMA at 1.5353 usually a strong dynamic support, whilst the 20 SMA gained bearish slope above the current price. The technical indicators however, have lost their downward strength and point for a limited upward corrective movement near oversold levels."
"Nevertheless, as long as the price holds below the mentioned 1.5440 level, the downside is favored towards the 1.5260 level."