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4 Mar 2015
GBP/USD: 1.5250 on the cards below 1.5335 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained and noted that the GBP/USD pair traded within a constrained range this Tuesday overnight.
Key Quotes:
"The Pound was receiving some attention during the European session, following the release of the UK Construction PMI, up to 60.1 in February."
"The pair surged up to 1.5393 on the day, but failed to post a higher high, although reach a fresh low at 1.5349, keeping the risk towards the downside in the long run."
"Short term and according to the 1 hour chart, the technical indicators are heading lower right below their mid-lines, whilst the price pressures a flat 20 SMA a few pips below the current level, supporting another leg south."
"In the 4 hours chart the overall bias is bearish, with the price developing below its 20 SMA, the Momentum indicator heading south below 100 and the RSI indicator hovering around 40."
"However, the pair has found intraday buyers around the 200 EMA in this last time frame that continues to act as immediate and strong support around 1.5335. Should the pair accelerate below it, the risk towards the downside will increase, eyeing 1.5250 as a possible bearish target for the upcoming 24 hours."
Key Quotes:
"The Pound was receiving some attention during the European session, following the release of the UK Construction PMI, up to 60.1 in February."
"The pair surged up to 1.5393 on the day, but failed to post a higher high, although reach a fresh low at 1.5349, keeping the risk towards the downside in the long run."
"Short term and according to the 1 hour chart, the technical indicators are heading lower right below their mid-lines, whilst the price pressures a flat 20 SMA a few pips below the current level, supporting another leg south."
"In the 4 hours chart the overall bias is bearish, with the price developing below its 20 SMA, the Momentum indicator heading south below 100 and the RSI indicator hovering around 40."
"However, the pair has found intraday buyers around the 200 EMA in this last time frame that continues to act as immediate and strong support around 1.5335. Should the pair accelerate below it, the risk towards the downside will increase, eyeing 1.5250 as a possible bearish target for the upcoming 24 hours."