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4 Mar 2015
GBP/USD bearish, eyeing 1.5290 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, views that the bearish tone dominates GBP/USD, and a move towards 1.5290 is likely if the pair breaks below the daily low at 1.5325.
Key Quotes
“The GBP/USD pair slipped down to 1.5325 fresh 2-week low, following the release of the UK Markit Services PMI down to 56.7 in February, from a previous reading of 57.2.”
“From a technical point of view, the bearish tone dominates the pair, as the 4 hours chart shows that the price develops below a bearish 20 SMA, whilst the technical indicators head south below their midlines.”
“Furthermore, the price stands below is 200 EMA, and if it manages to extend its decline below it, the risk of a stronger slide will increase.”
“A break through the daily low should anticipate a quick fall towards the 1.5290 price zone, and beyond this last towards 1.5250, strong static support level.”
“To the upside, price needs to firm up above 1.5340 to be able to advance further, with next resistance level at the 1.5380 price zone.”
Key Quotes
“The GBP/USD pair slipped down to 1.5325 fresh 2-week low, following the release of the UK Markit Services PMI down to 56.7 in February, from a previous reading of 57.2.”
“From a technical point of view, the bearish tone dominates the pair, as the 4 hours chart shows that the price develops below a bearish 20 SMA, whilst the technical indicators head south below their midlines.”
“Furthermore, the price stands below is 200 EMA, and if it manages to extend its decline below it, the risk of a stronger slide will increase.”
“A break through the daily low should anticipate a quick fall towards the 1.5290 price zone, and beyond this last towards 1.5250, strong static support level.”
“To the upside, price needs to firm up above 1.5340 to be able to advance further, with next resistance level at the 1.5380 price zone.”