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21 Apr 2015
GBP/USD bears eyeing 1.4810 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, explains that a GBP/USD break below 1.4855 will target 1.4810, with technicals seen losing bullish potential, and only above 1.4910 will negate this bearish view.
Key Quotes
“Technically, the 4 hours chart shows that the pair trades around the 38.2% retracement of its latest bullish run between 1.4565 and 1.5053 at 1.4870, and is back below the 200 EMA, currently the immediate resistance at 1.4910.”
“In the same chart, the technical indicators head lower in negative territory, whilst the 20 SMA is losing its bullish strength, but well above the current price.”
“Having set a daily low at 1.4855, a downward acceleration through the level should lead to additional declines towards the 1.4810 price zone, 38.2% retracement of the same rally.”
“To the upside, the pair needs to recover above the mentioned 1.4910 level to be able to continue advancing, up to the 1.4950/60 price zone.”
Key Quotes
“Technically, the 4 hours chart shows that the pair trades around the 38.2% retracement of its latest bullish run between 1.4565 and 1.5053 at 1.4870, and is back below the 200 EMA, currently the immediate resistance at 1.4910.”
“In the same chart, the technical indicators head lower in negative territory, whilst the 20 SMA is losing its bullish strength, but well above the current price.”
“Having set a daily low at 1.4855, a downward acceleration through the level should lead to additional declines towards the 1.4810 price zone, 38.2% retracement of the same rally.”
“To the upside, the pair needs to recover above the mentioned 1.4910 level to be able to continue advancing, up to the 1.4950/60 price zone.”