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16 Mar 2015
GBP/USD: 1.4500 comes as bears target - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD pair fell sharply last week, losing over 2% to reach a fresh four and a half years low of 1.4698.
Key Quotes:
"The British Pound was weighed by comments from BOE's Governor Mark Carney, diminishing chances of a rate hike in the UK for this year. The dollar generalized momentum amid upcoming FOMC meeting, did the rest."
"Short term, the pair is positioned to extend its decline as the 1 hour chart shows that the Momentum indicator is losing upward steam well below its mid-line and after a limited correction from oversold levels, whilst the RSI indicator heads lower around 30."
"In the 4 hours chart the price extended further below a strongly bearish 20 SMA, currently in the 1.4930 price zone, whilst the Momentum indicator aims higher below 100 and the RSI indicator continues to head lower around 21."
"Overall, the bearish outlook prevails with the 1.4500 level now as the probable bearish target for the week, in the case of additional dollar gains."
Key Quotes:
"The British Pound was weighed by comments from BOE's Governor Mark Carney, diminishing chances of a rate hike in the UK for this year. The dollar generalized momentum amid upcoming FOMC meeting, did the rest."
"Short term, the pair is positioned to extend its decline as the 1 hour chart shows that the Momentum indicator is losing upward steam well below its mid-line and after a limited correction from oversold levels, whilst the RSI indicator heads lower around 30."
"In the 4 hours chart the price extended further below a strongly bearish 20 SMA, currently in the 1.4930 price zone, whilst the Momentum indicator aims higher below 100 and the RSI indicator continues to head lower around 21."
"Overall, the bearish outlook prevails with the 1.4500 level now as the probable bearish target for the week, in the case of additional dollar gains."