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19 May 2015
GBP/USD eyeing 1.5500 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, sees downside potential for GBP/USD towards 1.5450 levels if the pair extends its decline below 1.5500.
Key Quotes
“The 4 hours chart shows that the price extended further below its 20 SMA that now gains a limited bearish slope in the 1.5730 region, whilst the technical indicators head sharply lower below their mid-lines.”
“Should the price extend its decline, the upcoming support stands at 1.5500, a key psychological level. If this last is broken, the bearish movement will likely accelerate towards the 1.5450 region, 50% retracement of the same rally.”
“The immediate short term resistance comes at 1.5590, with a firm recovery above it required to see a short term bullish extension up to the 1.5640 region, 23.6% retracement of the same rally.”
Key Quotes
“The 4 hours chart shows that the price extended further below its 20 SMA that now gains a limited bearish slope in the 1.5730 region, whilst the technical indicators head sharply lower below their mid-lines.”
“Should the price extend its decline, the upcoming support stands at 1.5500, a key psychological level. If this last is broken, the bearish movement will likely accelerate towards the 1.5450 region, 50% retracement of the same rally.”
“The immediate short term resistance comes at 1.5590, with a firm recovery above it required to see a short term bullish extension up to the 1.5640 region, 23.6% retracement of the same rally.”