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14 Apr 2015
GBP/USD bearish below 1.4700 – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, GBP/USD still eyes 1.4500, with the outlook for the pair expected to remain bearish whilst below 1.4700.
Key Quotes
“The GBP/USD pair reached a daily high of 1.4691 during the Asian session, but retreated from the level and even fell down to 1.4602 following news that the UK inflation remain steady at record-low 0.0% in March”
“Technically the 4 hours chart shows that a strongly bearish 20 SMA capped the upside ever since the day started, whilst the technical indicators are now retracing from their mid-lines, after correcting oversold readings, keeping the risk towards the downside.”
“Below the mentioned daily low, the pair should quickly run down to the weekly low set in the 1.4560 area, whilst if the pair extends below 1.4550, the bearish move can continue down to the critical 1.4500 figure.”
“To the upside, only some steady gains above 1.4700 will ease the bearish pressure, and see the pair attempting to rally towards the 1.4740/60 price zone.”
Key Quotes
“The GBP/USD pair reached a daily high of 1.4691 during the Asian session, but retreated from the level and even fell down to 1.4602 following news that the UK inflation remain steady at record-low 0.0% in March”
“Technically the 4 hours chart shows that a strongly bearish 20 SMA capped the upside ever since the day started, whilst the technical indicators are now retracing from their mid-lines, after correcting oversold readings, keeping the risk towards the downside.”
“Below the mentioned daily low, the pair should quickly run down to the weekly low set in the 1.4560 area, whilst if the pair extends below 1.4550, the bearish move can continue down to the critical 1.4500 figure.”
“To the upside, only some steady gains above 1.4700 will ease the bearish pressure, and see the pair attempting to rally towards the 1.4740/60 price zone.”