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30 Dec 2014
Bears maintain their control on GBP/USD – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet notes that bears maintain their control over the Pound, as the GBP/USD trades below the daily descendant trendline.
Key Quotes
“The GBP/USD pair has seen a limited upward correction this Tuesday, maintaining the overall bearish tone as per trading below a daily descendant trend line coming from 1.5785, Dec 16th daily high, today around 1.5550.”
“In the meantime and from a technical point of view, the 4 hours chart shows price contained below its 20 SMA and indicators grinding lower in negative territory, all of which supports further declines.”
“A break below 1.5485, this year low, is required to confirm further declines, eyeing an approach to 1.5440 in the short term and as long as sellers surge on approaches to 1.5560. Above this level on the other hand, the pair may extend its upward correction up to the 1.5600 price zone.”
Key Quotes
“The GBP/USD pair has seen a limited upward correction this Tuesday, maintaining the overall bearish tone as per trading below a daily descendant trend line coming from 1.5785, Dec 16th daily high, today around 1.5550.”
“In the meantime and from a technical point of view, the 4 hours chart shows price contained below its 20 SMA and indicators grinding lower in negative territory, all of which supports further declines.”
“A break below 1.5485, this year low, is required to confirm further declines, eyeing an approach to 1.5440 in the short term and as long as sellers surge on approaches to 1.5560. Above this level on the other hand, the pair may extend its upward correction up to the 1.5600 price zone.”