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4 Mar 2015
GBP/USD remains a sell on recovery – AceTrader
FXStreet (Barcelona) - The AceTrader Team, views that GBP/USD remains a sell on recovery, as further declines are anticipated for the pair, but for today 1.5300/10 support should remain intact.
Key Quotes
“On the bigger picture, as mentioned previously, cable's 'reversal' fm last Thur's 8-week peak at 1.5554 confirms recent erratic upmove fm Jan's fresh 17-month bottom has made a temporary top there n consolidation with downside bias is seen in the coming days.”
“A 'minimum' 38.2% r of aforesaid upmove fm 1.4952 wud pressure price to 1.5324, this is just below last week's 1.5333 low.”
“Looking ahead, a daily close below 1.5333 wud bode ill for sterling n price wud be en route twd 1.5233 (50% r fm 1.4952) n then twd chart obj. at 1.5197.”
“Therefore, in view of abv bearish scenario, selling cable on recovery in anticipation of resumption of decline is recommended n only abv 1.5500/10 wud dampen bearishness, risk possible re-test of 1.5554.”
“Today, as price has remained under pressure, suggesting marginal weakness below last week's 1.5333 low may be seen but 1.5300/10 shud remain intact.”
Key Quotes
“On the bigger picture, as mentioned previously, cable's 'reversal' fm last Thur's 8-week peak at 1.5554 confirms recent erratic upmove fm Jan's fresh 17-month bottom has made a temporary top there n consolidation with downside bias is seen in the coming days.”
“A 'minimum' 38.2% r of aforesaid upmove fm 1.4952 wud pressure price to 1.5324, this is just below last week's 1.5333 low.”
“Looking ahead, a daily close below 1.5333 wud bode ill for sterling n price wud be en route twd 1.5233 (50% r fm 1.4952) n then twd chart obj. at 1.5197.”
“Therefore, in view of abv bearish scenario, selling cable on recovery in anticipation of resumption of decline is recommended n only abv 1.5500/10 wud dampen bearishness, risk possible re-test of 1.5554.”
“Today, as price has remained under pressure, suggesting marginal weakness below last week's 1.5333 low may be seen but 1.5300/10 shud remain intact.”