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28 Jan 2014
Flash: GBP/USD bearish below 1.6530 - FXStreet
FXstreet.com (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst notes that the Pound lost the 1.6600 level against the greenback, following a slight decrease in GDP readings: prelim Q4 reading came out as expected at 0.7% below the 0.8% previously achieved.
Key Quotes
“The pair accelerated downwards, already under pressure since the day started, reaching so far a daily low of 1.6534.”
“The 4 hours chart shows current candle developing below a flat 20 SMA, offering dynamic resistance around 1.6570, while indicators head south around their midlines, still lacking clear momentum.”
“Nevertheless, dollar grinds higher across the board, suggesting a price acceleration below 1.6530 may lead to a bearish continuation eyeing then 1.6470 area, Friday and Monday lows.”
“On the other hand, a steady recovery above 1.6570 should deny the negative tone and see the pair attempting a recovery towards 1.6620/30 area.”
Key Quotes
“The pair accelerated downwards, already under pressure since the day started, reaching so far a daily low of 1.6534.”
“The 4 hours chart shows current candle developing below a flat 20 SMA, offering dynamic resistance around 1.6570, while indicators head south around their midlines, still lacking clear momentum.”
“Nevertheless, dollar grinds higher across the board, suggesting a price acceleration below 1.6530 may lead to a bearish continuation eyeing then 1.6470 area, Friday and Monday lows.”
“On the other hand, a steady recovery above 1.6570 should deny the negative tone and see the pair attempting a recovery towards 1.6620/30 area.”